DBRS rates Canadian Core notes A

DBRS said it assigned a provisional A (low) rating to Canadian Core Real Estate LP’s series 1 senior unsecured notes due in 2027 for up to C$250 million. The notes will be guaranteed, on an unsecured basis, by RBC Canadian Core Real Estate Fund, the sole limited partner of CCRE.

“The assignment of this provisional rating follows DBRS Morningstar assigning an issuer rating of A (low) with a stable trend to CCRE on Dec. 17, 2021. The fund’s contemplated issuance of the series 1 notes is consistent with DBRS Morningstar’s expectations at that time,” the agency said in a press release.

The proceeds are expected to be used in connection with the acquisition of two eligible green projects, consistent with CCRE’s green bond framework.

The trend is stable.

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