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Morguard Corporation Announces Rating Change - Apr 26, 2022

Morguard Corporation Announces Rating Change

Apr 26, 2022

MISSISSAUGA, ON, April 26, 2022 /CNW/ - Morguard Corporation ("Morguard" or the "Company") (TSX: MRC) announced that DBRS Limited (DBRS) has downgraded Morguard's issuer and senior unsecured debentures ratings to BB (high) with a stable trend from BBB (low) with a negative trend. DBRS had previously placed Morguard on negative trend effective August 27, 2020. The downgrade to the Company's credit rating was largely the result of sustained deterioration in the Company's financial risk metrics. The Company attributes the downgrade to the ongoing pandemic impacts experienced within the Company's retail and hotel portfolios.

Rai Sahi, CEO and Chairman of Morguard Corporation commented that "Morguard's healthy, diversified cash flow and large unencumbered asset pool will provide us with the flexibility required to repay or replace our senior unsecured debentures as they mature over the next three years."

Morguard continues to operate a consolidated property portfolio valued at $10.7 billion as of December 31, 2021. The Company's real estate operations are not impacted by the DBRS downgrade.  Throughout the pandemic, the Company has experienced stability and strength within most of its portfolio.

Morguard's portfolio is currently comprised of the following:

Average Collections(1)

Asset Class



Multi-suite residential

$5.6 billion



Office & Industrial

$2.4 billion



Retail – enclosed

$1.3 billion



Retail - unenclosed

$1.0 billion




$0.4 billion




$10.7 billion 



(1) For the trailing twelve months ended March 31, 2022.


Currently, the Company has $389 million available under its revolving credit facilities and $1.2 billion of unencumbered assets, consisting of $0.7 billion of unencumbered real estate properties and $0.5 billion of unencumbered non-real estate assets.  

The following table summarizes the Company's outstanding senior unsecured debentures:

Interest Rate

Unsecured Debentures



Series C

September 15, 2022

$200 million


Series G

September 28, 2023

$175 million


Series E

January 25, 2024

$225 million


Series F

November 27, 2024

$225 million



$825 million



The terms and conditions of the outstanding senior unsecured debentures remain unaffected by the rating change.

About Morguard Corporation

Morguard Corporation is a real estate company, with total assets owned and under management valued at $19.9 billion. As at April 26, 2022, Morguard owns a diversified portfolio of 194 multi-suite residential, retail, office, industrial and hotel properties comprised of 17,752 residential suites, approximately 16.8 million square feet of commercial leasable space and 4,874 hotel rooms. Morguard also currently owns a 60.8% interest in Morguard Real Estate Investment Trust and a 44.7% 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

SOURCE Morguard Corporation

For further information: Morguard Corporation, K. Rai Sahi, Chief Executive Officer, T 905-281-3800; Paul Miatello, Chief Financial Officer, Senior Vice President, T 905-281-3800

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