DBRS Limited (DBRS Morningstar) assigned a rating of BBB with a Stable trend to CT Real Estate Investment Trust’s (CT REIT or the Trust) $150 million 2.371% Series G Senior Unsecured Debentures, due January 6, 2031 (the Series G Debentures). The assigned rating is based on the rating of the already-outstanding series of Senior Unsecured Debentures.
The Series G Debentures are direct senior unsecured obligations of CT REIT and rank equally and rateably with all other unsecured and unsubordinated indebtedness of the Trust, to the extent prescribed by law. DBRS Morningstar understands that the net proceeds from the offering, together with cash on hand, will be used to redeem all of the Trust’s outstanding Series C 2.159% Senior Unsecured Debentures due June 1, 2021.
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.
All figures are in Canadian dollars unless otherwise noted.
The principal methodologies are Rating Entities in the Real Estate Industry (June 4, 2020), Rating Companies in the Merchandising Industry (July 30, 2020), DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 2, 2020), and DBRS Morningstar Criteria: Guarantees and Other Forms of Support (January 22, 2020), which can be found on dbrsmorningstar.com under Methodologies & Criteria.
For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.
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.
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.
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