DBRS Morningstar Assigns Rating of AA (low) With a Stable Trend to Ivanhoé Cambridge II Inc.’s 4.994% Senior Unsecured Debentures, Series 3, Due June 2, 2028

DBRS, Inc. (DBRS Morningstar) assigned a rating of AA (low) with a Stable trend to Ivanhoé Cambridge II Inc.’s $300 million 4.994% Senior Unsecured Debentures, Series 3, due June 2, 2028 (the Series 3 Debentures). The assigned rating is based on the rating of an already-outstanding series of the above-mentioned debt instrument.

The Series 3 Debentures are direct, unsubordinated, unsecured obligations of Ivanhoé Cambridge II Inc. and rank pari passu with all other present and future unsecured, unsubordinated indebtedness of Ivanhoé Cambridge II Inc. The Series 3 Debentures are not guaranteed or secured by Caisse de dépôt et placement du Québec (rated AAA with a Stable trend by DBRS Morningstar) or by Ivanhoé Cambridge Inc., or any of its affiliates or shareholders.

DBRS Morningstar understands that the Series 3 Debentures proceeds will be used to finance or refinance, in whole or in part, any expenditures associated with Eligible Green or Social Projects (as defined under the 2023 Sustainable Financing Framework, within Ivanhoé Cambridge globally).

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://dbrsmorningstar.com/research/396929 (May 17, 2022).

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

DBRS Morningstar applied the following principal methodologies:
-- Global Methodology for Rating Entities in the Real Estate Industry (April 11, 2023) https://www.dbrsmorningstar.com/research/412477
-- DBRS Morningstar Global Criteria: Guarantees and Other Forms of Support (March 28, 2023) https://www.dbrsmorningstar.com/research/411694

The following methodologies have also been applied:
-- DBRS Morningstar Global Criteria: Common Adjustments for Calculating Financial Ratios (December 8, 2022) https://www.dbrsmorningstar.com/research/407058
-- DBRS Morningstar Global Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (October 26, 2022) https://www.dbrsmorningstar.com/research/404334

The credit 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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