DBRS Rates Granite’s $250 Million Series 2 Senior Debentures at BBB

DBRS has today assigned a rating of BBB, with a Stable trend, to the $250 million 3.788% Series 2 senior debentures due July 5, 2021 (the Bonds), issued by Granite REIT Holdings Limited Partnership (Granite REIT).

The Bonds are direct senior unsecured obligations of Granite REIT and rank equally and rateably with all other unsecured and unsubordinated indebtedness of Granite REIT. DBRS understands that Granite REIT intends to use the net proceeds from the offering to redeem a portion of the outstanding 2016 debentures and intends to use other available funds to redeem the remainder of the 2016 debentures.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The applicable methodology is Rating Entities in the Real Estate Industry (October 2013), which can be found on our website under Methodologies.