Morningstar DBRS Assigns Credit Ratings of BBB, Stable, to RioCan Real Estate Investment Trust's Series AN and AO Senior Unsecured Debentures

DBRS, Inc. (Morningstar DBRS) assigned credit ratings of BBB with Stable trends to RioCan Real Estate Investment Trust's (RioCan or the Trust) $250 Million Floating Rate Series AN Senior Unsecured Debentures, Due March 1, 2027 (the Series AN Debentures) and $300 Million 4.671% Series AO Senior Unsecured Debentures, Due March 1, 2032 (the Series AN Debentures). The assigned credit ratings are based on the credit rating of an already-outstanding series of the above-mentioned debt instrument.

The Series AN and Series AO Debentures will be direct senior unsecured obligations of RioCan and will rank equally and rateably with all other present and future unsecured and unsubordinated indebtedness of the Trust. Morningstar DBRS understands that the net proceeds from the offering will be used to repay existing indebtness at or prior to maturity and the balance of the proceeds, if any, for general business purposes.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factor(s) that had a significant or relevant effect on the credit analysis.

A description of how Morningstar DBRS considers ESG factors within the Morningstar DBRS analytical framework can be found in the Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (August 13, 2024) at https://dbrs.morningstar.com/research/437781.

BUSINESS RISK ASSESSMENT (BRA) AND FINANCIAL RISK ASSESSMENT (FRA)

(A) Weighting of BRA Factors
In the analysis of the Trust, the BRA factors were considered in the order of importance contemplated in the methodology.

(B) Weighting of FRA Factors
In the analysis of the Trust, the FRA factors were considered in the order of importance contemplated in the methodology.

(C) Weighting of the BRA and the FRA
In the analysis of the Trust, the BRA carries greater weight than the FRA.

Notes:
All figures are in Canadian dollars unless otherwise noted.

Morningstar DBRS applied the following principal methodology:
-- Global Methodology for Rating Entities in the Real Estate Industry (April 15, 2024) https://dbrs.morningstar.com/research/431170.

Morningstar DBRS credit ratings may use of one or more sections of the Morningstar DBRS Global Corporate Criteria (February 3, 2025) https://dbrs.morningstar.com/research/447186 which covers, for example, topics such as holding companies and parent/subsidiary relationships, guarantees, recovery, and common adjustments to financial ratios.

The credit rating methodologies used in the analysis of this transaction can be found at: https://dbrs.morningstar.com/about/methodologies.

A description of how Morningstar DBRS analyzes corporate finance transactions and how the methodologies are collectively applied can be found at https://dbrs.morningstar.com/research/431153.

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

For more information on this credit, visit http://dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.

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