DBRS rates SmartREIT debt BBB

DBRS said it assigned a rating of BBB with a stable trend to the C$150 million 2.876% series Q senior unsecured debentures due March 21, 2022 issued by Smart Real Estate Investment Trust (SmartREIT).

The series Q bonds are guaranteed by the wholly owned material subsidiaries of SmartREIT and rank equally and ratably with all other unsecured and unsubordinated debt of the trust.

Net proceeds will be used to repay SmartREIT’s existing debt, including the early redemption of the C$150 million 3.385% series J senior unsecured debentures due Dec. 1, 2017.

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