DBRS assigns to Summit Industrial BBB

DBRS said it assigned a provisional issuer rating and a provisional senior unsecured debentures rating to Summit Industrial Income REIT of BBB (low), both with stable trends.

“The ratings consider the ongoing coronavirus disease (Covid-19) pandemic and related public health measures, which DBRS Morningstar believes Summit is relatively well-positioned to handle in light of its exposure to robust industrial real estate fundamentals, particularly in the greater Toronto Area, and improving financial flexibility and access to capital markets as it transitions to an unsecured debt stack, unlocking a sizable unencumbered asset pool,” DBRS said in a press release.

Summit has no senior unsecured debentures outstanding at this time, the agency noted.

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