DBRS confirms First Capital

DBRS said it confirmed the senior unsecured debentures rating of First Capital Realty Inc. at BBB with a stable trend.

The agency said First Capital continues to maintain a sound credit profile, with support from a large portfolio of neighborhood and community shopping centers that are well located in densely populated urban residential areas across Canada, reasonable credit metrics and ample liquidity to meet its near-term capital obligations.

The confirmation also takes into consideration First Capital's recent announcement that it will spin off, by way of a dividend-in-kind, its 16.4% indirect ownership stake in Equity One Inc. held through First Capital America Holding Corp. DBRS said that overall, it views this proposed transaction as having a neutral impact on First Capital's credit profile.

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