DBRS turns SmartCentres trend to negative

DBRS said it changed the trend on SmartCentres Real Estate Investment Trust to negative from stable. And confirmed the issuer and senior issuer and senior unsecured debentures ratings at BBB (high).

The trend change follows SmartCentres’ completed acquisition of a two-thirds interest in 53 acres of mostly vacant land in Vaughan, Ontario, for about $513 million to be funded with C$200 million in equity issued by way of limited partnership units exchangeable into trust units, and about C$313 million in debt, including draws on its credit facilities, the agency said in a press release.

DBRS said it forecasts SmartCentres’ total debt to EBITDA increasing to about 9.8 times (x) immediately following the close, anticipated before Dec. 31, 2021, from 9.2 x on a last-12-month basis at Sept. 30.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.