DBRS Morningstar Assigns Rating of BBB, Stable, to RioCan Real Estate Investment Trust’s Series AG Senior Unsecured Debentures

DBRS, Inc. (DBRS Morningstar) assigned a rating of BBB with a Stable trend to RioCan Real Estate Investment Trust’s (RioCan or the Trust) $200 million 5.611% Series AG Senior Unsecured Debentures due October 6, 2027 (the Series AG Debentures). The assigned rating is based upon the rating of an already-outstanding series of the Senior Unsecured Debentures.

The Series AG 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 repay amounts owing under certain credit facilities incurred in the ordinary course and for general business purposes.

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

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/396929/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings (May 17, 2022).

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

The principal methodology applicable to the rating is Rating Entities in the Real Estate Industry (April 20, 2022; https://www.dbrsmorningstar.com/research/395563).

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

A description of how DBRS Morningstar analyzes corporate finance transactions and how the methodologies are collectively applied can be found at: https://www.dbrsmorningstar.com/research/397223/interplay-of-global-corporate-finance-rating-methodologies-when-analyzing-corporate-finance-transactions.

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

Information regarding DBRS Morningstar ratings, including definitions, policies, and methodologies, is available on www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

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