DBRS Morningstar Assigns Rating of AA (low) With a Negative Trend to OMERS Realty Corporation’s Series 14 Senior Unsecured Debentures

DBRS Limited (DBRS Morningstar) assigned a rating of AA (low) with a Negative trend to OMERS Realty Corporation’s (ORC or the Company) $400 million 4.539% Series 14 Senior Unsecured Debentures, due April 9, 2029 (the Series 14 Debentures). The assigned rating is based on the rating of an already-outstanding series of the above-mentioned debt instrument.

The Series 14 Debentures are direct unsecured obligations of the Company and rank pari passu with all other present and future unsecured and unsubordinated indebtedness of the Company. DBRS Morningstar understands that the net proceeds of the issue will be used to repay certain indebtedness of ORC.

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 (May 17, 2022).

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

The principal methodologies applicable to the rating are Rating Entities in the Real Estate Industry (April 20, 2022; https://www.dbrsmorningstar.com/research/395563) and DBRS Morningstar Criteria: Guarantees and Other Forms of Support (April 4, 2022; https://www.dbrsmorningstar.com/research/394683).

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.

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.

DBRS Limited
DBRS Tower, 181 University Avenue, Suite 700
Toronto, ON M5H 3M7 Canada
Tel. +1 416 593-5577