KBRA Assigns BBB Rating to SmartStop OP, L.P.'s CAD $200 Million Senior Unsecured Note Issuance

NEW YORK--(BUSINESS WIRE)--KBRA has assigned its BBB rating to SmartStop OP, L.P.’s (SmartStop) recent issuance of CAD $200 million 4.317% Series C senior unsecured notes due February 18, 2031. The Outlook is Stable. Note proceeds were used to repay existing indebtedness, including amounts drawn under SmartStop’s revolving credit facility. The issuance substantially completes the refinancing of SmartStop’s 2026 debt maturities while extending its debt maturity profile. KBRA also maintains a BBB/Stable issuer rating for SmartStop and BBB/Stable ratings for SmartStop’s outstanding senior unsecured notes.

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Related Publication

• SmartStop OP, L.P. Surveillance Report

Methodology

• Corporates: Global Equity REIT & REOC Rating Methodology

Disclosures

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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