DBRS Assigns BBB (high) Rating to RioCan Real Estate Investment Trust’s $300 Million Series AA Senior Unsecured Debentures

DBRS Limited (DBRS) assigned a rating of BBB (high) with a Stable trend to the $300 million Series AA Senior Unsecured Debentures due September 29, 2023 (the Series AA Debentures), issued by RioCan Real Estate Investment Trust (RioCan or the Trust).

The Series AA Debentures are direct senior unsecured obligations of RioCan and rank equally and rateably with one another and with other unsecured and unsubordinated indebtedness of the Trust, except to the extent prescribed by law.

DBRS understands that the net proceeds from the offering will be used to fund development, for property acquisitions, to repay certain indebtedness, including indebtedness incurred in the ordinary course under RioCan’s operating lines of credit and the balance for general trust purposed.

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 for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.