DBRS rates RioCan notes BBB(high)

DBRS said it assigned a rating of BBB (high) with a stable trend to an additional C$25 million of 3.85% series Q senior unsecured debentures due June 28, 2019 issued by RioCan Real Estate Investment Trust.

An aggregate of C$175 million of series Q bonds will be outstanding after giving effect to this offering.

The bonds are direct senior unsecured obligations of RioCan and rank pari passu with all other unsecured and unsubordinated indebtedness of RioCan, DBRS said.

The proceeds will be used by RioCan to repay indebtedness, including indebtedness incurred in the ordinary course under RioCan's operating lines of credit, for property acquisitions, to fund development and for general trust purposes, the agency said.

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