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DBRS confirms Granite REIT
DBRS said it confirmed the rating of Granite REIT Holdings LP’s senior unsecured debentures at BBB with a stable trend.
The agency said the rating is based on the credit risk profile of the consolidated entity, including the company and its subsidiaries, Granite Real Estate Investment Trust and Granite REIT Inc.
DBRS said the rating is supported by Granite’s strong anchor tenant in Magna International Inc. via its operating subsidiaries, stable industrial portfolio, low proportion of secured debt and financial flexibility to execute its strategic plan of leveraging the balance sheet to acquire productive assets.
The rating is restrained by Granite’s small portfolio, relative to similarly rated entities, high proportion of special-purpose facilities, tenant and geographic concentration and the execution risk of Granite’s strategic plan, the agency said.
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