Brascan Corporation Receives Credit Rating Upgrades From DBRS and S&P.Business Editors TORONTO--(BUSINESS WIRE)--Aug. 23, 2001 Brascan Corporation (BNN: NYSE NYSE See: New York Stock Exchange , TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). ) today announced that it has received an upgrade in its long-term senior debt rating from Dominion Bond Rating Service Dominion Bond Rating Service is a credit rating agency based in Toronto, Ontario. Founded in 1976, it is one of the largest credit rating agencies in Canada. It is one of five Nationally Recognized Statistical Rating Organizations in the United States, though significantly smaller (DBRS) to A (low) reflecting the continued improvement in Brascan's financial strength. Earlier this week, Standard and Poors (S&P) increased Brascan's long-term senior debt rating to A- from BBB BBB A medium grade assigned to a debt obligation by a rating agency to indicate an adequate ability to pay interest and repay principal. However, adverse developments are more likely to impair this ability than would be the case for bonds rated A and above. . In addition to the long-term senior debt rating upgrades, Brascan's preferred share ratings were increased to Pfd-2 (low) and P-2 by DBRS and S&P, respectively. Robert Harding, Chairman of Brascan commented that "this upgrade recognizes Brascan's drive to increase margins from current businesses, our investments in high quality assets and increasing equity returns. These rating upgrades will result in the continued reduction of our cost of capital." Brascan Corporation is focussed on increasing shareholder value through building businesses owning and operating high quality assets and capable of generating attractive returns. The Brascan group employs over 50,000 people in operating more than 120 major properties and production facilities, principally in North and South America. Brascan is listed on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol BNN. For more information, please visit our web site at www.brascancorp.com or contact the following individuals: Media: Robert J. Harding Chairman 416-363-9491 Investors and Financial Analysts: Richard Legault Senior Vice-President and Chief Financial Officer 416-956-5183 Katherine C. Vyse Vice-President, Investor Relations 416-369-8246 |
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