DBRS affirms Exchange Tower bonds

DBRS confirmed the rating of Exchange Tower Ltd.'s 6.83% series A first mortgage bonds due 2012 at A (low).

The outlook is stable.

The current rating is based on the performance of the Exchange Tower office complex and the low leverage associated with the secured debentures. The rating reflects the Exchange Tower complex's prominent and well-located office tower in the financial core of downtown Toronto, the company's strengthened credit metrics and a low loan-to-value, providing additional security to bond holders, DBRS said.

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