DBRS rates RioCan debentures BBB (high)

DBRS said it assigned a rating of BBB (high) with a stable trend to the C$300 million series AA senior unsecured debentures due 2023 issued by RioCan Real Estate Investment Trust.

The agency said the series AA debentures are direct senior unsecured obligations of RioCan and rank equally and rateably with one another and with other unsecured and unsubordinated debt of the trust, except to the extent prescribed by law.

DBRS said it understands that the net proceeds from the offering will be used to fund development, for property acquisitions, to repay certain debt, including debt incurred in the ordinary course under RioCan’s operating lines of credit and the balance for general trust purposes.

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