CCS: DBRS Upgrades to Pfd-3(high)

Dominion Bond Rating Service has announced it has:

upgraded its rating on the Non-Cumulative Preference Shares of the Co-operators General Insurance Company (Co-op General or the Company) to Pfd-3 (high) from Pfd-3. The trend on the rating remains Stable. The upgrade reflects an updated review of the Company’s strategic market position relative to its peer group in the Canadian property and casualty (P&C) insurance industry.

CCS has two issues of preferreds outstanding: CCS.PR.C (PerpetualDiscount) and CCS.PR.D (FixedReset). Both are tracked by HIMIPref™; both are relegated to the Scraps index on credit concerns. The latter issue has just been dropped from TXPR after being added in July 2009. Love that churning!

S&P maintains its rating at P-2(low).

This entry was posted on Tuesday, July 13th, 2010 at 11:30 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “CCS: DBRS Upgrades to Pfd-3(high)”

  1. CCS Outlook Positive: S&P « PrefBlog says:
    October 18, 2012 at 1:51 am

    […] rates the preferreds at P-2(low). The company was upgraded to Pfd-3(high) by DBRS in […]

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