BROOKFIELD, NEWS, Dec. 22, 2023 (GLOBE NEWSWIRE) -- Brookfield Corporation (“Brookfield”) (NYSE: BN, TSX: BN) today released a summary of recent highlights to close out 2023, which is appended and posted on our website. The full text of the summary is below.
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Our Brookfield Corporation (BN) credit rating was upgraded to A by DBRS, and on the back of the upgrade, earlier this month we issued $700 million of 10-year debt at 6.35%. BAM is in the midst of securing an indicative credit rating which is expected to be very strong given its annuity-like cash flows and pristine financial position. In our real estate business, our underlying operations continue to be strong, and we have proven our ability to finance and refinance our debt maturities, with over $30 billion of financings being completed this year. Despite this and the tailwind we expect from lower interest rates, our BPY rating was recently reduced to BB. However, as we look forward, we expect that the continued strong underlying performance of our assets, combined with improving credit markets and lower interest rates, sets us up well to grow cash flows and deal very comfortably with all debt maturities.
With interest rates cresting and spreads tightening, all signs point to a constructive 2024. We see strong momentum and expect significant transaction activity over the course of 2024.
We all wish to take this opportunity to thank you for your interest in Brookfield, and we wish you and your families all the best for 2024. As ever, please do not hesitate to contact any of us should you have suggestions, questions, comments, or ideas you wish to share.
Sincerely,
Bruce Flatt
Chief Executive Officer
December 22, 2023