DBRS rates Choice Properties notes BBB

DBRS said it rated Choice Properties Real Estate Investment Trust’s C$500 million of 6.003% series R senior unsecured debentures, due June 24, 2032 BBB (high). The series R debentures are guaranteed by Choice Properties LP, Choice Properties GP Inc., and any other wholly owned subsidiaries of Choice Properties.

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

Choice Properties plans to use the proceeds of the offering to repay indebtedness, including the early redemption of the trust’s C$300 million of 3.6% series 10 senior unsecured debentures on June 26, to repay all or a portion of the balance drawn on the trust’s credit facility and for general business purposes.

The trend is stable.

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