DBRS rates Artis debentures BBB (low)

DBRS said it assigned a rating of BBB (low) with a stable trend to Artis Real Estate Investment Trust’s C$250 million 3.674% series C senior unsecured debentures due Feb. 22, 2021.

The agency said the rating is based on the rating on the already-outstanding series of senior unsecured debentures.

The series C debentures are direct senior unsecured obligations of Artis and rank equally and rateably with one another and with all other unsecured and unsubordinated indebtedness of the trust, except to the extent prescribed by law, DBRS noted.

The agency said it understands that net proceeds from the offering will be used to partially repay outstanding debt.

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