MISSISSAUGA, ON, Sept. 5, 2013 /CNW/ - Morguard Corporation (TSX: MRC) today announced it has been assigned a DBRS Issuer Rating of BBB (low) with a Stable trend.
This is the first time DBRS has rated Morguard Corporation. In its Report, which reflects the credit quality of debt that ranks below Morguard's property-specific debt, DBRS noted Morguard's core portfolio quality, reliable cash distributions from investment holdings, sound financial profile and diversification by tenant and asset type.
"Morguard is pleased to have achieved this institutional rating which reflects the quality and size of our balance sheet" said Rai Sahi, Chairman and Chief Executive Officer of Morguard Corporation. "Being institutionally rated will provide Morguard with new financing sources. We are committed to maintaining fiscal discipline as we seek real estate investment opportunities across North America."
DBRS also commented in its report that Morguard has grown to its current level ($5.1 billion in total assets) through a series of mergers and acquisitions and organic growth focused in the office, retail, hotel and multi-residential segments, primarily in Ontario and the southeast U.S. This, combined with consistent operating performance and conservative financial management, has led to a steady record of growth in earnings and sound credit metrics in recent years.
To view the full DBRS news release, visit http://www.dbrs.com/research/260314/dbrs-assigns-rating-of-bbb-low-to-morguard-corporation-stable-trend.html
Morguard Corporation is a real estate company, which owns a diversified portfolio of 121 retail, multi-unit residential, office and industrial properties comprising of 15,862 multi-unit residential suites, 1,056 hotel rooms and approximately 7.1 million square feet of commercial leasable space. Morguard Corporation also owns a 43.3% interest in Morguard Real Estate Investment Trust and a 48.7% effective interest in Morguard North American Residential Real Estate Investment Trust. Morguard also provides advisory and management services to institutional and other investors. For more information, visit the Company's website at www.morguard.com.
SOURCE: Morguard Corporation
For further information:
K. (Rai) Sahi
Chief Executive Officer
Chief Financial Officer