DBRS Assigns Rating of BBB (low) to Minto (Kent St.) Inc. and I.G. Investment Management Ltd. (Minto Place IV) Mortgage Loan

DBRS Limited (DBRS) assigned a new rating of BBB (low) to the 4.218% Mortgage Loan due December 1, 2021 (the Mortgage Loan), made to Minto (Kent St.) Inc. and I.G. Investment Management Ltd. (Minto Place IV) (collectively, the Borrowers) by a major Canadian financial institution (the Lender).

The Mortgage Loan is secured by a Class A office tower, part of the Minto Place Complex, located at 180 Kent Street in the city of Ottawa. DBRS’s BBB (low) rating reflects the stability of the net cash flow provided by the current high credit quality of tenants and the property’s highly valued location in close proximity to the new Lyon light rail transit station, where space is in high demand, as well as a 15% amortization that will take place over the remaining term of the loan, the refinance risk and the derived DBRS loan-to-value ratio.

The rating has been assigned at the request of the Lender.

Notes:
The principal methodology is the North American Single-Asset/Single-Borrower Methodology, which can be found on dbrs.com under Methodologies.

The rated entity or its related entities did not participate in the initial rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.