First Capital Realty Inc. http://www.alacrastore.com/company-snapshot/First_Capital_Realty_Inc-1081899 Friday, October 10, 2008 11:25:18 PM 1081899 First Capital Realty Inc. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/moodys/COP_600063044moodys/COP_600063044htmlGlobal Credit Research Credit Opinion ## JUL #### Credit Opinion: First Capital Realty Inc First Capital Realty Inc Toronto, Ontario, Canada Ratings Category Moody's Rating Outlook Stable Senior Unsecured -Dom Curr Baa# Contacts Analyst...1/3/2008 8:05:00 PMhtmlFirst Capital Realty IncFirst Capital Realty Inc600063044150.0000NewsCredit OpinionCOP_600063044Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PBC_105846moodys/PBC_105846pdfCovenant Quality Assessment11/14/2007 4:25:33 PM...First Capital Realty Inc. s ( Fi rst Capital or issuer ) covenant package for the Reference Securities is relatively typical of a Canadian REIT issuer in its incl usion of a limitation on leverage and an interest coverage covenant. It also includes a merger/change of control coven ant and net worth covenant. The sta ndard REIT covenant package that one normally sees in U.S. REITs, in addition to the li mitation on leverage and inte rest coverage covenants, has a limitation on secured debt and an unencu mbered assets covenant. The ratios and valuation measures for the standard REIT package are set forth under CQ-# in Appendix A. It should be noted that all subsequent issuances of debt securities under the trust indenture have in cluded an unencumbered assets covenant. Positively, the issuer also has a change of control provision that can prot ect investors against event risk arising from mergers and acquisitions and other fundamental co rporate events, which we rank... First Capital Realty Inc6000630441000.0000PremiumResearchpdfFirst Capital Realty IncPBC_105846Credit & Investment ResearchMoody's Global Credit Research