DBRS has announced that it:
has today upgraded the rating of the Class C Preferred Shares, Series 1 (the Preferred Shares) issued by 5Banc Split Inc. (the Company) to Pfd-2 from Pfd-2 (low). Approximately 2.58 million Preferred Shares were issued at $10 each on December 15, 2011, following the redemption of the Class B Preferred Shares in accordance with their original terms as part of a share capital reorganization. The final redemption date for the Preferred Shares is December 15, 2016.
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Based on the current dividend yields on the underlying banks, the Preferred Share dividend coverage ratio is approximately 2.1 times. Holders of the Capital Shares are expected to receive all excess dividend income after the Preferred Share distributions and other expenses of the Company have been paid.
Since the rating confirmation in December 2012, the Company has continued to perform strongly, with net asset value rising above $27 for a brief period before retreating slightly in March. The upgrade of the rating of the Preferred Shares is based primarily on the increasing level of downside protection available to holders of the Preferred Shares, which was 62.6% as of April 4, 2013.
FBS.PR.C was last mentioned on PrefBlog when it was issued.
FBS.PR.C is tracked by HIMIPref™ but is relegated to the Scraps index on volume concerns.
This entry was posted on Friday, April 12th, 2013 at 6:46 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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FBS.PR.C Upgraded to Pfd-2 by DBRS
DBRS has announced that it:
FBS.PR.C was last mentioned on PrefBlog when it was issued.
FBS.PR.C is tracked by HIMIPref™ but is relegated to the Scraps index on volume concerns.
This entry was posted on Friday, April 12th, 2013 at 6:46 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.