Latest news with #MorningstarDBRS
National Post
4 days ago
- Business
- National Post
Choice Properties Real Estate Investment Trust Completes Issuance of $350 Million Series W Senior Unsecured Debentures and $150 Million Series X Senior Unsecured Debentures
Article content TORONTO — Choice Properties Real Estate Investment Trust ('Choice Properties', the 'Trust' or 'we') (TSX: announced today that it has completed its previously announced issuance, on a private placement basis in certain provinces of Canada (the 'Offering'), of (i) $350 million aggregate principal amount of series W senior unsecured debentures of the Trust bearing interest at a rate of 4.628% per annum and maturing on August 8, 2035 (the 'Series W Debentures') and (ii) $150 million aggregate principal amount of series X senior unsecured debentures of the Trust bearing interest at a rate of 5.369% per annum and maturing on August 8, 2055 (the 'Series X Debentures' and, together with the Series W Debentures, the 'Debentures'). Article content Article content The Trust intends to use the net proceeds of the Offering to repay existing indebtedness, including the redemption in full of the Trust's $200 million aggregate principal amount of 4.055% series F senior unsecured debentures due November 24, 2025 (the 'Series F Debentures') on September 5, 2025, and for general business purposes. Article content Morningstar DBRS has provided the Debentures with a credit rating of 'BBB (high)' with a 'positive' trend and S&P Global Ratings has provided the Debentures with a credit rating of 'BBB+'. The Debentures rank equally with all other unsecured indebtedness of the Trust that has not been subordinated. Article content The Debentures were sold on an agency basis by a syndicate of agents co-led by TD Securities, CIBC Capital Markets, RBC Capital Markets, BMO Capital Markets, and Scotiabank. The Debentures offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Debentures in any jurisdiction in which such offer, solicitation or sale would be unlawful. Article content Choice Properties is a leading Real Estate Investment Trust that creates enduring value through places where people thrive. Article content We are more than a national owner, operator and developer of high-quality commercial and residential real estate. We believe in creating spaces that enhance how our tenants and communities come together to live, work, and connect. This includes our industry leadership in integrating environmental, social and economic sustainability practices into all aspects of our business. In everything we do, we are guided by a shared set of values grounded in Care, Ownership, Respect and Excellence. Article content For more information, visit Choice Properties' website at and Choice Properties' issuer profile at Article content This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects Choice Properties' current expectations regarding future events, including the intended use of proceeds of the Offering and the redemption of the Series F Debentures. 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 Choice Properties' control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed in Choice Properties' 2025 Second Quarter Report and current Annual Information Form. Choice Properties does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. All forward-looking statements contained in this press release are made as of the date hereof and are qualified by these cautionary statements. Article content Article content Article content Article content Contacts Article content For further information: Article content
Business Wire
04-08-2025
- Business
- Business Wire
Morningstar DBRS Assigns 'A' Rating to WSFS Bank; WSFS Financial Corporation Receives 'A (low)' Rating with Stable Outlook
WILMINGTON, Del.--(BUSINESS WIRE)--Morningstar DBRS assigned first time ratings to WSFS Financial Corporation (NASDAQ: WSFS) ('WSFS' or 'the Company') with a Long-Term Issuer Rating of "A (low)". At the same time, Morningstar DBRS assigned a Long-Term Issuer Rating of 'A' to WSFS Bank. The trends on all credit ratings are Stable. The Intrinsic Assessment (IA) for the Bank is 'A,' while its Support Assessment is SA1. The Company's Support Assessment is SA3, and the Long-Term Issuer Rating is positioned one notch below the Bank's IA. Morningstar DBRS' debt ratings for WSFS can be accessed here. 'WSFS is pleased to add another strong debt rating of 'A (low)' from Morningstar DBRS to complement our existing investment-grade ratings from Moody's and Kroll. This rating provides another validation of our strong balance sheet, capital, and liquidity profile, and will support our continued growth as well as new revenue opportunities within our Wealth and Trust business,' said WSFS' Executive Vice President and Chief Financial Officer, David Burg. Morningstar DBRS also noted the ratings are supported by WSFS' well-established presence in its core markets as well as its significant and stable fee revenue base derived from diversified business lines. The balance sheet remains strong, reflecting ample deposit funding, and higher than peer levels of capital. About WSFS Financial Corporation WSFS Financial Corporation is a multibillion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally headquartered bank and wealth management franchise in the Greater Philadelphia and Delaware region. As of June 30, 2025, WSFS Financial Corporation had $20.8 billion in assets on its balance sheet and $92.4 billion in assets under management and administration. WSFS operates from 115 offices, 88 of which are banking offices, located in Pennsylvania (58), Delaware (39), New Jersey (14), Florida (2), Nevada (1) and Virginia (1) and provides comprehensive financial services including commercial banking, consumer banking, treasury management, and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Bryn Mawr Trust Advisors, LLC, Bryn Mawr Trust ®, The Bryn Mawr Trust Company of Delaware, Cash Connect ®, NewLane Finance ®, WSFS Wealth Management, LLC, WSFS Institutional Services ®, WSFS Mortgage ®, and WSFS Wealth ® Investments. Serving the Greater Delaware Valley since 1832, WSFS Bank is one of the ten oldest banks in the United States continuously operating under the same name. For more information, please visit
Yahoo
28-07-2025
- Business
- Yahoo
Gibson Energy Reports 2025 Second Quarter Results, Including Record Volumes at Gateway Following Dredging Completion
All financial figures are in Canadian dollars unless otherwise noted CALGARY, Alberta, July 28, 2025 (GLOBE NEWSWIRE) -- Gibson Energy Inc. (TSX:GEI) ("Gibson" or the "Company") announced today its financial and operating results for the three and six months ended June 30, 2025. Key Highlights: Generated strong Infrastructure Adjusted EBITDA(1) of $153 million, underscoring the excellent performance of our core business despite planned downtime associated with replacement and growth capital projects Completed the Gateway dredging project safely, on time and within budget, immediately boosting throughput and setting new monthly and quarterly volume records Executed major turnarounds at both the Moose Jaw Facility and the Hardisty Diluent Recovery Unit on time and under budget with zero recordable injuries Realized recurring and non-recurring cost savings of approximately $9 million in the quarter, increasing DCF per share in the second quarter by $0.05, or 12%, and are on track to exceed the overall target of $25 million Surpassed 9.5 million hours without a lost-time injury, reinforcing our strong safety culture Following the quarter, Morningstar DBRS reaffirmed Gibson's Investment Grade credit rating at BBB (low) 'This quarter marked a key step on delivering the growth potential at Gateway,' said Curtis Philippon, President & Chief Executive Officer. 'We completed the dredging project, unlocking immediate operational benefits and increasing average throughput at the terminal by approximately 20%, helping us achieve a record-setting quarter. I am also especially proud of our team's preparation and execution of the two major turnarounds. The safe and efficient execution of those projects set us up for a strong quarter and will provide additional capabilities going forward.' Financial Highlights: Infrastructure Adjusted EBITDA(1) of $153 million in the second quarter, in line with the second quarter of 2024, primarily due to increased throughput at Edmonton and Gateway, and lower operating and other costs, partially offset by lower volume at Hardisty, and the disposal of non-core assets in the prior period Marketing Adjusted EBITDA(1) of $8 million in the second quarter reflecting tight commodity differentials, limited storage opportunities, and the impact of a planned turnaround at Moose Jaw Adjusted EBITDA(1) on a consolidated basis of $146 million in the second quarter, a $13 million decrease from the second quarter of 2024, primarily due to lower contributions from the Marketing segment and the other factors impacting segment EBITDA noted above Net income of $61 million in the second quarter, a $3 million decrease from the second quarter of 2024, primarily due to the impact of items affecting segment EBITDA noted above, unrealized gains in relation to corporate financial instruments and lower general and administrative costs driven by executive transition and restructuring costs in the prior period Distributable Cash Flow(1) of $81 million in the second quarter, a $20 million decrease from the second quarter of 2024, primarily due to the factors contributing to lower Adjusted EBITDA as noted above and higher replacement capital expenditures Dividend Payout ratio(2) on a trailing twelve-month basis of 83%, modestly above the 70% – 80% target range. This elevation is expected to be temporary and improve in the second half of the year as Marketing performance stabilizes and the full benefits of the dredging and Cactus II connection projects are realized Net debt to Adjusted EBITDA(2) ratio of 4.0x at June 30, 2025 compared to 3.5x at June 30, 2024, reflecting higher capital spend and lower Marketing contributions. Leverage is expected to normalize in the first half of 2026 Strategic & Business Developments: Completed the Gateway dredging project safely, on time and on budget, making Gateway one of only two Texas terminals capable of loading up to 1.6 million barrels on a VLCC and fully loading a Suezmax vessel Appointed Dave Gosse as Senior Vice President and Chief Operating Officer, effective May 20, 2025 In June, 2025, the Company amended and extended its unsecured revolving credit facility to June 2030, improving long-term liquidity and enhancing financial flexibility The Board approved a quarterly dividend of $0.43 per common share, payable on October 17, 2025, to shareholders of record at the close of business on September 30, 2025 Subsequent to the quarter, Morningstar DBRS confirmed Gibson's credit rating at BBB (low) with stable trends Subsequent to the quarter, the Company settled its $325.0 million senior unsecured notes at maturity (1) Adjusted EBITDA and distributable cash flow are non-GAAP financial measures. See the 'Specified Financial Measures' section of this release.(2) Net debt to adjusted EBITDA ratio and dividend payout ratio are non-GAAP financial ratios. See the 'Specified Financial Measures' section of this release. Management's Discussion and Analysis and Financial StatementsThe 2025 second quarter Management's Discussion and Analysis and unaudited Condensed Consolidated Financial Statements provide a detailed explanation of Gibson's financial and operating results for the three and six months ended June 30, 2025, as compared to the three and six months ended June 30, 2024. These documents are available at and on SEDAR+ at Earnings Conference Call & Webcast DetailsA conference call and webcast will be held to discuss the 2025 second quarter financial and operating results at 7:00am Mountain Time (9:00am Eastern Time) on Tuesday, July 29, 2025. To register for the call, view dial-in numbers, and obtain a dial-in PIN, please access the following URL: Registration at least five minutes prior to the conference call is recommended. This call will also be broadcast live on the Internet and may be accessed directly at the following URL: The webcast will remain accessible for a 12-month period at the above URL. Supplementary InformationGibson has also made available certain supplementary information regarding the 2025 second quarter financial and operating results, available at About Gibson Gibson is a leading liquids Infrastructure company with its principal businesses consisting of the storage, optimization, processing, and gathering of liquids and refined products, as well as waterborne vessel loading. Headquartered in Calgary, Alberta, the Company's operations are located across North America, with core terminal assets in Hardisty and Edmonton, Alberta, Ingleside and Wink, Texas, and a facility in Moose Jaw, Saskatchewan. Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit Forward-Looking StatementsCertain statements contained in this press release constitute forward-looking information and statements (collectively, forward-looking statements). All statements other than statements of historical fact are forward-looking statements. The use of any of the words ''anticipate'', ''plan'', ''contemplate'', ''continue'', ''estimate'', ''expect'', ''intend'', ''propose'', ''might'', ''may'', ''will'', ''shall'', ''project'', ''should'', ''could'', ''would'', ''believe'', ''predict'', ''forecast'', ''pursue'', ''potential'' and ''capable'' and similar expressions are intended to identify forward looking statements. The forward-looking statements reflect Gibson's beliefs and assumptions with respect to, among other things, the Company's ability to exceed its cost savings target; the temporary nature of the Company's Dividend Payout ratio and its future expectations for same; stabilization of Marketing performance; future expectations of leverage; continued growth; the future benefits to be realized by the Company's dredging project, facility turnarounds, and connection of the Cactus II pipeline to Gateway; and the Company's long-term liquidity and financial flexibility. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Company does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, the risks and uncertainties described in 'Forward-Looking Information' and 'Risk Factors' included in the Company's Annual Information Form dated February 18, 2025, and Management's Discussion and Analysis dated July 28, 2025, as filed on SEDAR+ and available on the Gibson website at For further information, please contact: Investor Relations (403) Media Relations(403) 476-6334 communications@ Specified Financial Measures This press release refers to certain financial measures that are not determined in accordance with GAAP, including non-GAAP financial measures and non-GAAP financial ratios. Readers are cautioned that non-GAAP financial measures and non-GAAP financial ratios do not have standardized meanings prescribed by GAAP and, therefore, may not be comparable to similar measures presented by other entities. Management considers these to be important supplemental measures of the Company's performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in industries with similar capital structures. For further details on these specified financial measures, including relevant reconciliations, see the "Specified Financial Measures" section of the Company's MD&A for the three and six months ended June 30, 2025 and 2024, which is incorporated by reference herein and is available on Gibson's SEDAR+ profile at and Gibson's website at . a) Adjusted EBITDA Noted below is the reconciliation to the most directly comparable GAAP measures of the Company's segmented and consolidated adjusted EBITDA for the three and six months ended June 30, 2025, and 2024: Three months ended June 30, Infrastructure Marketing Corporate and Adjustments Total ($ thousands) 2025 2024 2025 2024 2025 2024 2025 2024 Segment profit 156,640 150,632 9,068 35,827 — — 165,708 186,459 Unrealized (gain) loss on derivative financial instruments (5,225) 1,150 (1,409) (16,126) — — (6,634) (14,976) General and administrative — — — — (13,017) (16,996) (13,017) (16,996) Adjustments to share of profit from equity accounted investees 1,174 1,424 — — — — 1,174 1,424 Executive transition and restructuring costs — — — — — 3,279 — 3,279 Renewable power purchase agreement — — — — (816) — (816) — Adjusted EBITDA 152,589 153,206 7,659 19,701 (13,833) (13,717) 146,415 159,190Six months ended June 30, Infrastructure Marketing Corporate and Adjustments Total ($ thousands) 2025 2024 2025 2024 2025 2024 2025 2024 Segment profit 310,719 296,295 22,928 55,208 — — 333,647 351,503 Unrealized (gain) loss on derivative financial instruments (5,680) 5,299 (15,155) (1,909) — — (20,835) 3,390 General and administrative — — — — (27,340) (38,916) (27,340) (38,916) Adjustments to share of profit from equity accounted investees 2,347 2,905 — — — — 2,347 2,905 Executive transition and restructuring costs — — — — 2,405 10,414 2,405 10,414 Renewable power purchase agreement — — — — (1,622) — (1,622) — Other — — — — — — — — Adjusted EBITDA 307,386 304,499 7,773 53,299 (26,557) (28,502) 288,602 329,296 Three months ended June 30, ($ thousands) 2025 2024 Net Income 60,699 63,332 Income tax expense 20,097 19,177 Depreciation, amortization, and impairment charges 42,993 43,732 Finance costs, net 34,577 36,337 Unrealized (gain) loss on derivative financial instruments (6,634) (14,976) Unrealized (gain) on renewable power purchase agreement (14,531) (835) Share-based compensation 4,594 5,347 Acquisition and integration costs — 66 Adjustments to share of profit from equity accounted investees 1,174 1,424 Corporate foreign exchange loss and other 3,446 2,307 Executive transition and restructuring costs — 3,279 Adjusted EBITDA 146,415 159,190 Six months ended June 30, ($ thousands) 2025 2024 Net Income 110,652 103,821 Income tax expense 34,141 31,632 Depreciation, amortization, and impairment charges 85,525 87,163 Finance costs, net 68,235 71,740 Unrealized (gain) loss on derivative financial instruments (20,835) 3,390 Unrealized (gain) loss on renewable power purchase agreement (7,744) 8,641 Share-based compensation 7,722 10,411 Acquisition and integration costs — 1,371 Adjustments to share of profit from equity accounted investees 2,347 2,905 Corporate foreign exchange loss and other 6,154 (2,192) Executive transition and restructuring costs 2,405 10,414 Adjusted EBITDA 288,602 329,296 b) Distributable Cash Flow The following is a reconciliation of distributable cash flow from operations to its most directly comparable GAAP measure, cash flow from operating activities: Three months ended June 30, Six months ended June 30, ($ thousands) 2025 2024 2025 2024 Cash flow from operating activities 99,380 (66,449) 221,232 126,384 Adjustments: Changes in non-cash working capital and taxes paid 42,935 219,722 58,352 193,644 Replacement capital (14,655) (6,865) (20,463) (11,237) Cash interest expense, including capitalized interest (32,379) (34,482) (63,928) (68,360) Acquisition and integration costs (1) — 66 — 1,371 Executive transition and restructuring costs (1) — 3,232 2,405 3,232 Lease payments (6,778) (8,000) (13,095) (16,034) Current income tax (7,223) (5,739) (12,449) (13,051) Distributable Cash Flow 81,280 101,485 172,054 215,949Twelve months ended June 30, ($ thousands) 2025 2024 Cash flow from operating activities 693,302 472,001 Adjustments: Changes in non-cash working capital and taxes paid (145,934) 139,711 Replacement capital (45,213) (34,339) Cash interest expense, including capitalized interest (129,904) (135,106) Acquisition and integration costs (1) — 23,413 Executive transition and restructuring costs (1) 16,142 3,232 Lease payments (27,302) (34,237) Current income tax (29,716) (22,828) Distributable Cash Flow 331,375 411,847 c) Dividend Payout Ratio Twelve months ended June 30, 2025 2024 Distributable cash flow 331,375 411,847 Dividends declared 274,372 259,364 Dividend Payout ratio 83% 63% d) Net Debt to Adjusted EBITDA Ratio Twelve months ended June 30, 2025 2024 Current and long-term debt 2,704,585 2,742,549 Lease liabilities 55,120 55,362 Less: unsecured hybrid debt (450,000) (450,000) Less: cash and cash equivalents (41,570) (48,994) Net debt 2,268,135 2,298,917 Adjusted EBITDA 569,448 648,577 Net Debt to Adjusted EBITDA ratio 4.0 3.5 Sign in to access your portfolio
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.
&w=3840&q=100)
Business Standard
30-06-2025
- Business
- Business Standard
International credit rating methods must evolve: FM Nirmala Sitharaman
India's sovereign rating does not fully reflect its macroeconomic stability, even with a sustained high growth trajectory and sound fiscal management, Finance Minister Nirmala Sitharaman said on Monday, while stressing the need for international credit rating methodologies to evolve. Delivering a keynote address at the International Business Forum's leadership summit in Seville, Spain, Sitharaman said, 'Reforming rating methodologies would not only enhance fairness, but also reduce financing cost and unlock far greater volumes of private investment.' The Finance Minister said that the rating agencies' methodology needs to better reflect the structural strength and long-term resilience of emerging markets and developing economies (EMDEs), where actual financial flows have struggled to gain momentum. 'This underscores the need for early, structured engagement between multilateral development banks and credit rating agencies to recalibrate risk assessments and unlock sustainable capital at scale,' she added. Earlier this month, finance ministry officials had met analysts from Moody's Ratings, making their case for a ratings upgrade on the back of macroeconomic stability, fiscal prudence and benign inflation. In May this year, global sovereign credit rating agency Morningstar DBRS upgraded India's long-term foreign and local currency issuer ratings from BBB (low) to BBB with a stable trend. S&P Global Ratings, however, said that while no immediate rating actions had been taken, the situation arising from regional tensions introduces material uncertainty that could weigh on sovereign credit profiles if they persist. Addressing the panel discussion on From Fourth Financing for Development (FFD4) Outcome to Implementation: Unlocking the Potential of Private Capital for Sustainable Development, Sitharaman highlighted that mobilising private capital was not just a financing strategy but a development imperative. 'In an era of volatile FDI flows and mounting global uncertainty, private capital has emerged as an increasingly important source of development finance.' Sitharaman also called for support for micro, small and medium enterprises in order to unlock capital at the grassroots level. She stressed the need to scale up blended finance through tools such as sovereign green bonds, thematic bonds and impact investment instruments. Addressing perceived risks through institutional reforms is also crucial, she said. The Finance Minister added that multilateral development banks and development finance institutions (DFIs) need to take on a stronger enabling role by providing support through concessional finance, guarantees, credit enhancements and project preparation.
