bcIMC Realty Corporation: Rating Report

On May 3, 2018, DBRS Limited (DBRS) downgraded the rating
of bcIMC Realty Corporation’s (bcIMC Realty or the Company)
Medium-Term Notes to AA (low) from AA. The trend is Stable.
The AA (low) rating takes into consideration bcIMC Realty’s
stand-alone risk profile, manageable level of secured debt and
DBRS’s view of implicit support provided by its owner, British
Columbia Investment Management Corporation (BCI).