DBRS Morningstar Assigns Rating of BBB (high), Negative, to RioCan Real Estate Investment Trust’s Series AE Senior Unsecured Debentures

DBRS Limited (DBRS Morningstar) assigned a rating of BBB (high) with a Negative trend to RioCan Real Estate Investment Trust’s (RioCan or the Trust) $450 million 2.829% Series AE Senior Unsecured Debentures, due November 8, 2028 (the Series AE Debentures). The assigned rating is based on the rating of the already-outstanding series of Senior Unsecured Debentures.

The Series AE Debentures are direct senior unsecured obligations of RioCan and rank equally and rateably with all other present and future unsecured and unsubordinated indebtedness of the Trust. DBRS Morningstar understands that the net proceeds from the offering will be used to finance, in whole or in part, expenditures associated with eligible green projects as described in the RioCan Green Bond Framework. Prior to allocation of the net proceeds of this offering to eligible green projects, the net proceeds may be initially used, in part or in full, for repayments of certain of RioCan’s credit facilities and ultimately will be allocated to eligible green projects in accordance with RioCan’s Green Bond Framework.

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 at https://www.dbrsmorningstar.com/research/373262.

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

The principal methodology is Rating Entities in the Real Estate Industry (April 23, 2021; https://www.dbrsmorningstar.com/research/377358), which can be found on dbrsmorningstar.com under Methodologies & Criteria. Other applicable methodologies include the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (February 3, 2021; https://www.dbrsmorningstar.com/research/373262).

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

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

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