DBRS gives BBB Granite notes

DBRS said it gave a rating of BBB (high) with a stable trend to Granite REIT Holdings LP’s C$500 million of 2.194% series 6 senior unsecured debentures due Aug. 30, 2028.

The rating is based on the rating of the already-outstanding series of senior unsecured debentures, DBRS said.

Granite Real Estate Investment Trust and Granite REIT Inc. and by any Granite subsidiary that becomes a guarantor in the future under the credit agreement will guarantee the debentures.

The debentures are being sold as green bonds under the Granite Green bond framework. Granite plans to use the proceeds to finance or refinance, in whole or in part, expenditures associated with eligible green projects.

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