DBRS Assigns Rating of BBB with a Stable Trend to SmartCentres Real Estate Investment Trust’s CAD 350 Million 2.757% Series T Senior Unsecured Debentures

DBRS Limited (DBRS) assigned a rating of BBB with a Stable trend to SmartCentres Real Estate Investment Trust’s (SmartCentres or the Trust) CAD 350 million 2.757% Series T Senior Unsecured Debentures, due June 23, 2021 (the Series T Debentures). The rating being assigned is based upon the rating on the already-outstanding series of Senior Unsecured Debentures.

The Series T Debentures are direct unsecured obligations of SmartCentres and rank equally and rateably with all other present and future unsecured and unsubordinated indebtedness of the Trust. The Series T Debentures are guaranteed by the wholly owned material subsidiaries of SmartCentres.

DBRS understands the net proceeds from the offering will be used to repay existing indebtedness and for general trust purposes.

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

The principal methodologies are Rating Entities in the Real Estate Industry (April 2018), DBRS Criteria: Guarantees and Other Forms of Support (January 2019) and DBRS Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (November 2018), which can be found on dbrs.com under Methodologies & Criteria.

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

DBRS Limited
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