DBRS assigns BBB to Dream Summit

DBRS said it assigned BBB issuer and senior unsecured debenture ratings to Dream Summit Industrial LP.

“These rating actions follow Dream Summit’s assumption of the senior unsecured debentures as successor entity to Summit Industrial Income Real Estate Investment Trust (Summit). In connection with the assumption, Summit and Dream Summit, among others, have entered into a supplemental indenture. As a result, Dream Summit became liable in place of Summit for the payment of all of the senior unsecured debentures and interest payments on the senior unsecured debentures, and Summit has been released from all of its obligations,” DBRS said in a press release.

The trend is positive, which reflects a forecast for declining total debt to EBITDA, which DBRS said it estimates to be below 8x by YE2023, from 8.3x for the last 12 months ended Dec. 31, 2022.

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