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RioCan Real Estate Investment Trust
Standard & Poors, May 2011
Abstract
A leading market position in the Canadian retail real estate sector. Stable and predictable cash flow from a portfolio of very well-occupied shopping centers. A moderate level of well-laddered amortizing debt lessens refinancing risk. Below-average debt service coverage relative to similarly rated U.S. peers. An aggressive trust unit distribution policy. Our ratings on Toronto-based RioCan Real Estate investment Trust reflect the company's strong business risk profile as characterized by its leading market position in the Canadian retail real estate sector and the demonstrated stability and predictability of its rental revenue. These strengths offset below-average coverage measures and an aggressive trust unit distribution policy that contribute to a significant financial risk profile, in our view. RioCan is the largest owner of...
Companies mentioned in this report are: RioCan Real Estate Investment Trust
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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