DBRS Morningstar Assigns BBB (low) Rating with a Stable Trend to Morguard Corporation’s CAD 225 Million 4.204% Series F Senior Unsecured Debentures

DBRS Limited (DBRS Morningstar) assigned a rating of BBB (low) with a Stable trend to Morguard Corporation’s (Morguard) CAD 225 million 4.204% Series F Senior Unsecured Debentures, Due November 27, 2024 (the Series F Debentures). The rating assigned to this newly issued debt instrument is based on the rating of an already-outstanding series of the above-mentioned debt instrument.

The Series F Debentures are direct senior unsecured obligations of Morguard and rank equally and rateably with one another and with all other unsecured and unsubordinated non-consolidated indebtedness of Morguard, except to the extent prescribed by law. DBRS Morningstar understands the net proceeds from the offering will be used to repay certain indebtedness incurred in the ordinary course of business.

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

The principal methodology is Rating Entities in the Real Estate Industry, which can be found on dbrs.com under Methodologies & Criteria.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

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