Brookfield Corporation (BN) announced a significant enhancement in its senior unsecured debt rating by DBRS, elevating it from "A (low)" to a solid "A." This upgrade mirrors the sustained expansion in the company's earnings and cashflows, bolstered by a prudently capitalized balance sheet. DBRS emphasized the strength of Brookfield's leading global alternative asset management business, the growth of its Insurance Solutions franchise, and the resilience of the earnings and cashflows from its core operations.
Nicholas Goodman, President of Brookfield Corporation, expressed satisfaction, saying, "We are pleased with the credit rating upgrade, which reflects the strength of our franchise through cycles — including the growing scale and diversity of our business, the quality of our cashflows, and our fortress balance sheet. The upgrade is further recognition of our longstanding commitment to conservative financing principles and our differentiated perpetual capital base of $140 billion."
In addition to the senior unsecured debt rating, Brookfield Corporation also saw an upgrade in its preferred shares rating by DBRS, climbing from Pfd-2 (low) to Pfd-2.
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