Latest news with #DBRS
Calgary Herald
16-07-2025
- Business
- Calgary Herald
Varcoe: City of Calgary maintains high credit rating as debt grows from big-ticket projects
Article content Let's give some credit where credit is due. Article content In this case, credit rating agency Morningstar DBRS gave the city its due in the past week, reaffirming the City of Calgary's long-term debt credit rating at AA (high). Article content Article content More significantly, the stable rating arrives as the civic government wrestles with some large projects — and larger spending commitments — on the horizon. Article content Article content Think about downtown revitalization, construction of a new arena, plans to upgrade key water infrastructure and the Green Line LRT, the largest transit project in Calgary's history. Article content Article content 'We do see the numbers go up significantly, and a lot of it has to do with how much we've taken on,' said Coun. Andre Chabot. Article content 'The fortunate thing is that we have the ability to service all of that debt . . . I don't think it's going to affect our credit rating, but it does limit our ability to be nimble in regards to some of the future needs.' In 2025, DBRS estimates adjusted taxpayer-supported debt will be $523 per person, 'low compared with rated (city) peers.' Article content That figure is projected to climb to about $952 by the end of the decade, up 82 per cent from 2025 levels, it said. Article content 'Based on the most recent debt forecast, Morningstar DBRS expects the increase in debt over the forecast horizon to be manageable,' states the credit rating agency's report. Article content Article content In an interview, Morningstar DBRS assistant vice-president Apurva Khandeparker said the city's economy continues to grow, although at a slower pace this year because of trade uncertainty and as the population boom decelerates due to federal immigration policy changes. Article content However, the city's energy sector remains relatively stable, production is rising and more oil export capacity is available through the Trans Mountain pipeline. The expansion of the local tech sector is also helping to diversify the local economy. Article content A recent Conference Board of Canada report forecast Calgary's economy will expand by 1.8 per cent in 2025, second highest among large Canadian cities. Article content 'Calgary has been one of the most stable and financially stronger municipal credits that we rate. So our ratings mostly reflect its historically sound fiscal management practises, the strong liquidity the city has and the currently low debt burden,' Khandeparker said, noting the city has maintained a AA rating for many years.
National Post
03-07-2025
- Business
- National Post
Dream Industrial Real Estate Investment Trust Completes Offering of C$200 Million Senior Unsecured Debentures, Series G
Article content This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release. Article content Article content TORONTO — Dream Industrial REIT (TSX: (the 'Trust' or 'Dream Industrial REIT') announced today the closing of its previously announced private placement of senior unsecured debentures (the ' Offering ') consisting of C$200 million aggregate principal amount of 4.287% Senior Unsecured Debentures, Series G maturing on July 3, 2030 (the ' Series G Debentures '). In connection with the Offering, the Trust has entered into forward cross-currency interest rate swap arrangements to swap the proceeds of the Offering to Euros to lower the effective fixed interest rate to 3.726%, effective December 22, 2025. Article content The Series G Debentures are rated BBB with a Positive Trend by DBRS Limited. The Trust intends to use the net proceeds from the Offering to repay existing indebtedness (including to pre-fund the repayment of indebtedness that will mature in December 2025) and for general trust purposes. Article content The Series G Debentures have not been and will not be qualified for sale to the public under applicable securities laws in Canada and, accordingly, any offer or sale of the Series G Debentures in Canada will be made on a basis which is exempt from the prospectus requirements of such securities laws. The Series G Debentures will not be listed on any stock exchange and there will be no market for such securities. The Series G Debentures have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States and may not be offered or sold to other persons who are not residents of a province of Canada. Article content About Dream Industrial Real Estate Investment Trust Article content Dream Industrial REIT is an owner, manager, and operator of a global portfolio of well-located, diversified industrial properties. As at March 31, 2025, Dream Industrial REIT has an interest in and manages a portfolio which comprises 336 industrial assets (549 buildings) totalling approximately 72.6 million square feet of gross leasable area in key markets across Canada, Europe, and the U.S. Dream Industrial REIT's objective is to deliver strong total returns to its unitholders through secure distributions as well as growth in net asset value and cash flow per unit underpinned by its high-quality portfolio and an investment grade balance sheet. Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. For more information, please visit our website at Article content Forward-Looking Information Article content This press release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information generally can be identified by the use of forward-looking terminology such as 'outlook', 'objective', 'may', 'will', 'expect', 'intend', 'estimate', 'anticipate', 'believe', 'should', 'plans', or 'continue', or similar expressions suggesting future outcomes or events. Some of the specific forward-looking information in this press release may include, among other things, statements regarding the intended use of net proceeds of the Offering, debt maturities and the terms of the forward cross-currency interest rate swap arrangements and the impact thereof. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust's control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk of adverse global market, economic and political conditions; risks inherent in the real estate industry; competition in the industrial real estate market; the Trust's inability to execute its growth strategy; risks relating to geographic concentration; risks associated with single tenant properties; the Trust may incur significant capital expenditures; risks relating to development costs; financing risks; changes in interest rates; economic environment risks; the European real estate market; changes in currency exchange rates; changes in government regulations; tax risks; environmental contamination risk; climate change risk; risks relating to sourcing suitable acquisitions; risks relating to undisclosed defects and obligations in connection with property acquisitions; development risk; joint venture risk; loss of key personnel; uninsured or underinsured losses; information technology systems risk; cyber security risks; health crises; risks related to the imposition of duties, tariffs and other trade restrictions and their impacts; controls and procedures risk; market risk; risks relating to redemption of units; risks related to cash distribution fluctuations; risks relating to unitholder dilution; regulatory approvals may be required on a redemption of units or termination of the Trust; risks relating to legal rights of unitholders; liability risks of unitholders; risks relating to the subordinated rights of unitholders; limitations on non-resident ownership; currency risks associated with distributions for non-Canadian unitholders; the Trust depends on the business of Dream Industrial LP; risks related to the Trust's ability to enforce contracts; potential conflicts of interest; the Trust relies on its asset managers for asset management services; and litigation risk. Article content The Trust's objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable, interest rates remain stable, conditions within the real estate market remain consistent, rising replacement costs in the Trust's operating markets remain steady, competition for acquisitions remains consistent with the current climate, that future market and economic conditions will occur as expected and that geopolitical events, including disputes between nations or the imposition of duties, tariffs, quotas, embargoes or other trade restrictions (including any retaliation to such measures), will not disrupt global economies, and that the capital markets continue to provide access to equity and/or debt. All forward-looking information in this press release speaks as of the date of this press release. The Trust does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise except as required by law. Additional information about these assumptions and risks and uncertainties is contained in the Trust's filings with securities regulators, including its latest annual information form and MD&A. These filings are also available at the Trust's website at Article content Article content Article content Article content Article content Contacts Article content For further information, please contact: Dream Industrial REIT Alexander Sannikov President and Chief Executive Officer (416) 365-4106 asannikov@ Article content
Yahoo
19-06-2025
- Business
- Yahoo
Cargojet Announces Inaugural Issuer Credit Rating of BBB (low) With a Stable Trend by Morningstar DBRS
MISSISSAUGA, ON, June 19, 2025 /CNW/ - Cargojet Inc. ("Cargojet" or the "Corporation") (TSX: CJT) today announced that Morningstar DBRS has assigned the Corporation an investment-grade issuer credit rating of BBB (low), with a stable trend. In assigning the rating, Morningstar DBRS cited Cargojet's contracted recurring revenue profile, efficient operations, leading market position in the Canadian domestic overnight air cargo market, and commitment to maintaining leverage within its publicly stated target range. "The assignment of an investment-grade credit validates the strength of our diversified portfolio of Domestic, Charters and ACMI offerings and disciplined approach to cost management," said Jamie Porteous, Co-Chief Executive Officer. "This achievement reinforces our strategic objectives of strengthening our financial position while continuing to build a platform focused on long-term sustainable growth. It also provides us the flexibility to pursue opportunities to improve our cost of capital and strengthen our balance sheet depending on market conditions" said Pauline Dhillon, Co-Chief Executive Officer. The Corporation also announced that it has posted an updated investor presentation to the Investor section of its website at: About Cargojet Cargojet is Canada's leading provider of time sensitive premium air cargo services to all major cities across North America, providing dedicated, ACMI and international charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of 41 cargo aircraft. Notice on Forward-Looking Statements: Certain statements contained herein constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements may include words such as "plans", "intends", "anticipates", "should", "estimates", "expects", "believes", "indicates", "targeting", "suggests" and similar expressions, and includes statements relating to potential opportunities to improve the Corporation's cost of capital and strengthen its balance sheet. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Reference should be made to the Corporation's most recent Annual Information Form filed with the Canadian securities regulators, and its most recent Consolidated Financial Statements and Notes thereto and related Management's Discussion and Analysis, for a summary of major risks. Actual results may materially differ from expectations, if known and unknown risks or uncertainties affect our business, or if our estimates or assumptions prove inaccurate. Without limiting the foregoing, there can be no assurance that the Corporation will maintain an investment grade credit rating or improve its cost of capital on favourable terms. The forward-looking statements contained in this news release represent Cargojet's expectations as of the date of this news release (or as of the date they are otherwise stated to be made) and are subject to change after such date. However, Cargojet disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events or otherwise, except as required under applicable securities laws. In the event Cargojet does update any forward-looking statement, no inference should be made that Cargojet will make additional updates with respect to that statement, related matters, or any other forward-looking statement. SOURCE Cargojet Inc. View original content:
Yahoo
18-06-2025
- Business
- Yahoo
WHITECAP RESOURCES ANNOUNCES $300 MILLION OFFERING OF SENIOR NOTES
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ CALGARY, AB, June 17, 2025 /CNW/ - Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to announce that it has priced an offering of $300 million principal amount of 3.761% senior unsecured notes due June 19, 2028 (the "Notes"). The net proceeds will be used to repay existing indebtedness and for general corporate purposes. Whitecap's investment grade credit rating was recently upgraded to BBB, with a stable trend, issued by DBRS, Inc. ("Morningstar DBRS"), reflecting its improved credit profile. The Notes have also been assigned a provisional rating of BBB, with a stable trend, by Morningstar DBRS. The Notes will be direct, unsecured obligations of the Company and will rank equally with all other present and future unsecured and unsubordinated indebtedness of the Company. The Notes are being offered in Canada on a private-placement basis in reliance upon exemptions from the prospectus requirements under applicable securities legislation (the "Offering"). The Notes are being offered through a syndicate of agents including CIBC World Markets Inc., RBC Dominion Securities Inc., ATB Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Desjardins Securities Inc. and Merrill Lynch Canada Inc. The Notes are expected to be issued on or about June 19, 2025, subject to customary closing conditions. This news release does not constitute an offer to sell or the solicitation of an offer to buy any of the Notes in any jurisdiction. The Notes have not been approved or disapproved by any regulatory authority. The Notes have not been and will not be qualified for distribution to the public under the securities laws of any province or territory of Canada and will only be sold to "accredited investors" under applicable Canadian securities laws. The Notes will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws, and will not be offered or sold within the United States. ADVISORY Credit Ratings Credit ratings are intended to provide investors with an independent measure of credit quality of an issue of securities. Credit ratings are not recommendations to purchase, hold or sell securities and do not address the market price or suitability of a specific security for a particular investor. There is no assurance that any rating will remain in effect for any given period of time or that any rating will not be revised or withdrawn entirely by a rating agency in the future if, in its judgement, circumstances so warrant. NOTE REGARDING FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable securities laws relating to the Offering and other aspects of our business. In particular, and without limiting the generality of the foregoing, this press release contains forward-looking information with respect to: that the Company will use the net proceeds of the Offering to repay existing indebtedness and for general corporate purposes; our belief that the credit rating from Morningstar DBRS reflects the improved risk profile; and the expected terms of the Notes and timing to issue the Notes. The forward-looking information is based on certain key expectations and assumptions made by our management, including our ability to satisfy all conditions to closing the Offering on the timeline anticipated. Although we believe that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Whitecap can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. These include, but are not limited, to: the risk that we are delayed in satisfying or are unable to satisfy the conditions to closing the Offering and that closing of the Offering is delayed or does not occur; changes to credit ratings from the provisional rating disclosed herein; and general business and economic conditions and the risk of adverse changes thereto. Our actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that we will derive therefrom. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide security holders with a more complete perspective on our future operations and such information may not be appropriate for other purposes. Readers are cautioned that the foregoing lists of factors are not exhaustive. Additional information on these and other factors that could affect our operations or financial results are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR+ website ( These forward-looking statements are made as of the date of this press release and we disclaim any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. SOURCE Whitecap Resources Inc. View original content: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Montreal Gazette
10-06-2025
- Business
- Montreal Gazette
‘Stable' Quebec avoids a second credit rating downgrade
Quebec News By QUEBEC — A second credit rating agency has taken a look at the Quebec government's finances and says it is comfortable with the province's debt situation. In a statement issued Tuesday, the Canadian agency DBRS decided to maintain Quebec's credit rating, which determines the costs of borrowing to finance the debt, at AA (low) with a 'stable perspective.' The DBRS decision is the opposite of the decision to lower Quebec's credit rating by another agency, Standard and Poor's, in April. S&P lowered Quebec's rating from AA- to A+. It was the first time in 30 years that Quebec suffered a credit downgrade. It came as a blow to Premier François Legault's government, which was first elected in 2018 promising sound fiscal management. 'Because or the ongoing tariff threat, Morningstar DBRS anticipates some near-term deterioration in Quebec's fiscal and debt metrics, potentially reducing flexibility within its current credit ratings,' DBRS said in a statement. 'However, the slowing pace of expenditure growth and continued commitment to restore fiscal balance, along with the province's large and diversified economy, give us comfort that Quebec can minimize the deterioration in its public finances. 'Despite the near term deterioration, the province remains committed to restoring fiscal balance by 2029-30, consistent with the goal articulated in last year's budget.' In his 2025-2026 budget presented March 25, Quebec Finance Minister Eric Girard forecast a $13.6-billion deficit, a historic record. The budget included an annual increase in spending of only 1.7 per cent but record spending on infrastructure projects as a way to counter the effects of an economic downturn sparked by American trade tariffs. S&P based its downgrade on the increase in government spending, including the infrastructure allocation. DBRS takes note of Quebec's approach but remains optimistic. 'As a result of near-term deterioration in the fiscal outlook and a substantial capital investment program, Quebec has relaxed its debt reduction targets. The province plans to reduce net debt to GDP to 35.5 per cent by 2032-33 and 32.5 per cent by 2037-38 (previously 33 per cent and 30 per cent respectively). The agency adds: 'While the ongoing trade uncertainty is expected to weigh on consumer and business confidence and investment intentions, domestic consumption should remain supported by easing monetary policy along with relatively strong labour markets and household savings.' Legault has said if Quebec is hit with full 25-per-cent tariffs on its trade, the province could lose 100,000 to 160,000 jobs.
