DBRS assigns BBB (low) to Chartwell Retirement debentures

DBRS said it assigned a rating of BBB (low) with a stable trend to the $150 million 4.211% series B senior unsecured debentures due April 28, 2025 issued by Chartwell Retirement Residences (the Trust).

The series B debentures are unconditionally guaranteed, on a senior unsecured basis, by Chartwell Master Care LP.

DBRS said it understands that the net proceeds from the offering will be used to repay a portion of existing debt under the trust’s secured revolving credit facility.

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