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DBRS revises Omers trend to negative
DBRS said it changed the trends on Omers Realty Corp. to negative from stable and confirmed the AA (low) issuer and senior unsecured ratings.
“This rating action is a result of the recently announced disposition of Vaughan Business Park and 75% disposition of Brampton Business Park, plus the assumption of a material debt reduction in the immediate term following the transaction,” DBRS said in a press release.
The agency warned downgrades are likely if total debt to EBITDA tops 8x at year-end 2024 and 7.5x at year-end 2025, or EBITDA interest coverage is below 3.17x on a sustained basis.
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