DBRS Assigns Morguard’s $200 Million Series C Senior Unsecured Debentures BBB (low) Rating, Stable

DBRS Limited (DBRS) assigned a rating of BBB (low) with a Stable trend to Morguard Corporation’s (Morguard or the Company) $200 million 4.333% Series C Senior Unsecured Debentures, due September 15, 2022 (the Series C Bonds).

The Series C Bonds are direct senior unsecured obligations of Morguard and rank equally and rateably with one another and with all other unsecured and unsubordinated Non-Consolidated Indebtedness of the Company, except to the extent prescribed by law.

DBRS understands that Morguard will use the net proceeds to repay first mortgage indebtedness, indebtedness under operating lines of credit and for general corporate purposes.

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

The principal methodology is Rating Entities in the Real Estate Industry (April 2017), which can be found on dbrs.com under Methodologies.

The rated entity or its related entities did participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.