Press Release

DBRS Morningstar Assigns Ratings of BBB (low) With Stable Trends to IRG Industrial, LLC’s Senior Notes, Series G; Senior Notes, Series H; and Senior Notes, Series I

Real Estate
December 15, 2023

DBRS, Inc. (DBRS Morningstar) assigned ratings of BBB (low) with Stable trends to IRG Industrial, LLC’s (IRG) $15,000,000 7.75% Senior Notes, Series G due March 3, 2027; $66,500,000 7.89% Senior Notes, Series H due March 3, 2029; and $78,500,000 8.05% Senior Notes, Series I due March 3, 2031.

The credit ratings assigned to these newly issued debt instruments are based on the credit ratings of an already-outstanding debt series of the above-mentioned debt instruments.

The above-noted senior notes are direct, unsubordinated, unsecured obligations of IRG and will rank pari passu with all other present and future unsecured, unsubordinated indebtedness of IRG. The senior notes are absolutely and unconditionally guaranteed by American Development Center, LLC and IRG Realty Advisors, LLC.

DBRS Morningstar understands that the proceeds from the issuance of the senior notes will be used to refinance existing unsecured revolver debt.

There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (July 4, 2023) at

All figures are in U.S. dollars unless otherwise noted.

DBRS Morningstar applied the following principal methodology:
-- Global Methodology for Rating Entities in the Real Estate Industry (April 11, 2023) -

The following methodologies have also been applied:
-- DBRS Morningstar Global Criteria: Guarantees and Other Forms of Support (March 28, 2023) -
-- DBRS Morningstar Global Criteria: Common Adjustments for Calculating Financial Ratios (November 9, 2023) -
-- DBRS Morningstar Global Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (September 27, 2023) -

The credit rating methodologies used in the analysis of this transaction can be found at:

A description of how DBRS Morningstar analyzes corporate finance transactions and how the methodologies are collectively applied can be found at:

The credit rating was initiated at the request of the rated entity.

The rated entity or its related entities did participate in the credit rating process for this credit rating action.

DBRS Morningstar had access to the accounts, management, and other relevant internal documents of the rated entity or its related entities in connection with this credit rating action.

This is a solicited credit rating.

The conditions that lead to the assignment of a Negative or Positive trend are generally resolved within a 12-month period. DBRS Morningstar trends and credit ratings are under regular surveillance.

Information regarding DBRS Morningstar credit ratings, including definitions, policies, and methodologies, is available on or contact us at [email protected].

DBRS, Inc.
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