DBRS: BN and BRN under Review-Positive

DBRS Limited (DBRS Morningstar) has announced:

placed the Issuer Rating, long-term obligations, and preferred shares credit ratings of Brookfield Corporation (BN or the Company, formerly Brookfield Asset Management Inc.) and its guaranteed subsidiaries Under Review with Positive Implications. In addition, DBRS Morningstar placed the short-term credit ratings of BN and its guaranteed subsidiaries Under Review with Developing Implications. These rating actions are not the result of any change in credit risk of the Company (or its guaranteed subsidiaries).

Following the annual surveillance review of the credit ratings of the Company on July 5, 2023, DBRS Morningstar identified an error in the application of certain methodologies used in the determination of the credit ratings of BN. DBRS Morningstar believes the rating rationale for the credit ratings of BN, and the applicable methodological approach, was not adequately disclosed previously. This error is not connected in any way to the data and information provided by the Company for the purposes of providing the relevant credit ratings.

Over the course of the coming weeks, DBRS Morningstar will conduct a review of the Company and the applicable methodological approach(es). Further to that review, DBRS Morningstar may apply additional or different DBRS Morningstar methodologies from those that have been applied in the past in the determination of the credit ratings of BN. Such methodologies may include the “Global Methodology for Rating Investment Management Companies” and the “Global Methodology for Rating Insurance Companies and Insurance Organizations.” The application of a different methodological approach may result in changes in the level of one or more outstanding credit ratings of BN. DBRS Morningstar will provide information regarding the rationale for any such changes in connection with the announcement of the related credit rating actions.

Affected issues are (deep breath): BN.PF.A, BN.PF.B, BN.PF.C, BN.PF.D, BN.PF.E, BN.PF.F, BN.PF.G, BN.PF.H, BN.PF.I, BN.PF.J, BN.PF.K, BN.PF.L, BN.PR.B, BN.PR.C, BN.PR.K, BN.PR.M, BN.PR.N, BN.PR.R, BN.PR.T, BN.PR.X, BN.PR.Z and (this one not tracked by HIMIPref™) BRN.PR.A,

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