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
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Morguard Corporation
K. (Rai) Sahi
Chief Executive Officer
(905) 281-3800
Paul Miatello
Chief Financial Officer
(905) 281-3800
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