DBRS Assigns Rating of BBB with Under Review – Developing Implications Status to First Capital Realty Inc.’s 3.456% Series V Senior Unsecured Debentures, Due January 22, 2027

DBRS Limited (DBRS) assigned a rating of BBB with Under Review – Developing Implications status to First Capital Realty Inc.’s (First Capital or the Company) CAD 200 million 3.456% Series V Senior Unsecured Debentures, due January 22, 2027 (the Series V Debentures). The rating of the Series V Debentures is based upon the rating on the already-outstanding series of Senior Unsecured Debentures.

The Series V Debentures are guaranteed by select subsidiaries of First Capital, are direct unsecured obligations of the Company and rank equally and rateably with all other present and future unsecured and unsubordinated indebtedness of First Capital. DBRS understands that the net proceeds of the offering will be used to repay existing debt.

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

The principal methodologies are Rating Entities in the Real Estate Industry, DBRS Criteria: Rating Corporate Holding Companies and Their Subsidiaries, DBRS Criteria: Guarantees and Other Forms of Support and DBRS Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers, which can be found on dbrs.com under Methodologies & Criteria.

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

DBRS Limited
DBRS Tower, 181 University Avenue, Suite 700
Toronto, ON M5H 3M7 Canada