DBRS rates University of Toronto notes AA

DBRS said it confirmed the rating of AA, with a stable trend, on the series E unsecured debentures of the University of Toronto, originally issued in December 2011, following the university's decision to reopen the debt series to raise an additional C$100 million.

Maturing on Dec. 7, 2051, the notes are senior unsecured obligations of the University and rank pari passu with all other senior unsecured obligations.

The rating is consistent with those previously assigned by DBRS on the university's outstanding bonds. Net debt proceeds will be used mainly to finance upcoming capital projects.

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