Alberta’s credit rating was downgraded Tuesday, hours after the province released a multibillion-dollar economic recovery plan in an attempt to climb out of the economic wreckage caused by the COVID-19 pandemic and a collapse in world oil prices.
Fitch Ratings downgraded Alberta to a double-A-minus from double-A, citing higher provincial borrowing during the pandemic-driven economic crisis and a debt burden relative to GDP that is “incompatible” with a double-A rating.
The New York-based agency also pointed to the lack of details from the government about the extent of damage to Alberta’s bottom line, and the fact the province has no planned path toward economic recovery.
Tuesday’s downgrade is the third for Alberta since December, when Moody’s Investors Service changed the province’s rating to Aa2 from Aa1, citing continued weakness in the provincial economy and its reliance on non-renewable resources. In March, DBRS Morningstar downgraded Alberta to double-A (low) from double-A.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
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| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1582 % | 1,446.9 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1582 % | 2,654.9 |
| Floater | 5.42 % | 5.70 % | 49,186 | 14.35 | 4 | 0.1582 % | 1,530.0 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2235 % | 3,440.9 |
| SplitShare | 4.88 % | 5.05 % | 69,443 | 3.81 | 7 | -0.2235 % | 4,109.1 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2235 % | 3,206.1 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.8562 % | 3,014.4 |
| Perpetual-Discount | 5.60 % | 5.73 % | 76,825 | 14.33 | 35 | 0.8562 % | 3,233.3 |
| FixedReset Disc | 6.23 % | 5.14 % | 144,161 | 14.91 | 83 | 0.1788 % | 1,823.4 |
| Deemed-Retractible | 5.34 % | 5.65 % | 93,263 | 14.35 | 27 | 0.1099 % | 3,206.1 |
| FloatingReset | 5.15 % | 5.20 % | 41,817 | 15.15 | 3 | -0.0393 % | 1,719.8 |
| FixedReset Prem | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1788 % | 2,521.8 |
| FixedReset Bank Non | 1.98 % | 3.25 % | 127,196 | 1.55 | 2 | 0.1432 % | 2,790.1 |
| FixedReset Ins Non | 6.56 % | 5.27 % | 112,282 | 14.69 | 22 | -0.3373 % | 1,813.9 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| MFC.PR.Q | FixedReset Ins Non | -9.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 14.36 Evaluated at bid price : 14.36 Bid-YTW : 5.68 % |
| CCS.PR.C | Deemed-Retractible | -3.98 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 21.43 Evaluated at bid price : 21.69 Bid-YTW : 5.79 % |
| BAM.PF.F | FixedReset Disc | -2.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 14.20 Evaluated at bid price : 14.20 Bid-YTW : 6.10 % |
| BAM.PF.J | FixedReset Disc | -2.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 22.24 Evaluated at bid price : 22.60 Bid-YTW : 5.27 % |
| CU.PR.H | Perpetual-Discount | -2.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 23.76 Evaluated at bid price : 24.04 Bid-YTW : 5.51 % |
| MFC.PR.R | FixedReset Ins Non | -1.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 20.51 Evaluated at bid price : 20.51 Bid-YTW : 5.24 % |
| MFC.PR.J | FixedReset Ins Non | -1.96 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 15.54 Evaluated at bid price : 15.54 Bid-YTW : 5.27 % |
| CM.PR.Y | FixedReset Disc | -1.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 20.66 Evaluated at bid price : 20.66 Bid-YTW : 5.17 % |
| TRP.PR.H | FloatingReset | -1.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 7.18 Evaluated at bid price : 7.18 Bid-YTW : 5.20 % |
| TD.PF.A | FixedReset Disc | -1.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 14.50 Evaluated at bid price : 14.50 Bid-YTW : 5.06 % |
| IAF.PR.B | Deemed-Retractible | -1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 21.01 Evaluated at bid price : 21.01 Bid-YTW : 5.51 % |
| HSE.PR.G | FixedReset Disc | -1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 10.28 Evaluated at bid price : 10.28 Bid-YTW : 9.57 % |
| CM.PR.R | FixedReset Disc | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 18.01 Evaluated at bid price : 18.01 Bid-YTW : 5.33 % |
| CU.PR.I | FixedReset Disc | -1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 23.23 Evaluated at bid price : 24.05 Bid-YTW : 4.67 % |
| NA.PR.C | FixedReset Disc | -1.02 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 19.45 Evaluated at bid price : 19.45 Bid-YTW : 5.07 % |
| BAM.PR.N | Perpetual-Discount | 1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 20.96 Evaluated at bid price : 20.96 Bid-YTW : 5.71 % |
| CM.PR.Q | FixedReset Disc | 1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 14.95 Evaluated at bid price : 14.95 Bid-YTW : 5.29 % |
| BAM.PF.C | Perpetual-Discount | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 21.39 Evaluated at bid price : 21.39 Bid-YTW : 5.71 % |
| IFC.PR.C | FixedReset Ins Non | 1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 14.00 Evaluated at bid price : 14.00 Bid-YTW : 5.48 % |
| TRP.PR.E | FixedReset Disc | 1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 12.50 Evaluated at bid price : 12.50 Bid-YTW : 5.98 % |
| BAM.PF.E | FixedReset Disc | 1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 13.15 Evaluated at bid price : 13.15 Bid-YTW : 5.96 % |
| BAM.PR.M | Perpetual-Discount | 1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 21.02 Evaluated at bid price : 21.02 Bid-YTW : 5.69 % |
| GWO.PR.H | Deemed-Retractible | 1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 21.46 Evaluated at bid price : 21.46 Bid-YTW : 5.69 % |
| MFC.PR.G | FixedReset Ins Non | 1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 15.95 Evaluated at bid price : 15.95 Bid-YTW : 5.25 % |
| SLF.PR.J | FloatingReset | 1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 8.73 Evaluated at bid price : 8.73 Bid-YTW : 4.65 % |
| TRP.PR.B | FixedReset Disc | 1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 7.80 Evaluated at bid price : 7.80 Bid-YTW : 5.33 % |
| BMO.PR.C | FixedReset Disc | 1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 19.20 Evaluated at bid price : 19.20 Bid-YTW : 4.99 % |
| NA.PR.S | FixedReset Disc | 1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 15.30 Evaluated at bid price : 15.30 Bid-YTW : 5.05 % |
| BAM.PR.Z | FixedReset Disc | 1.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 14.70 Evaluated at bid price : 14.70 Bid-YTW : 6.10 % |
| TD.PF.B | FixedReset Disc | 1.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 15.25 Evaluated at bid price : 15.25 Bid-YTW : 4.82 % |
| NA.PR.E | FixedReset Disc | 1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 16.70 Evaluated at bid price : 16.70 Bid-YTW : 4.89 % |
| RY.PR.M | FixedReset Disc | 1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 15.87 Evaluated at bid price : 15.87 Bid-YTW : 4.78 % |
| BAM.PF.A | FixedReset Disc | 1.59 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 15.31 Evaluated at bid price : 15.31 Bid-YTW : 5.96 % |
| IFC.PR.G | FixedReset Ins Non | 2.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 15.45 Evaluated at bid price : 15.45 Bid-YTW : 5.31 % |
| BMO.PR.E | FixedReset Disc | 2.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 4.91 % |
| NA.PR.G | FixedReset Disc | 3.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 17.57 Evaluated at bid price : 17.57 Bid-YTW : 5.04 % |
| IFC.PR.A | FixedReset Ins Non | 4.46 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 11.00 Evaluated at bid price : 11.00 Bid-YTW : 5.25 % |
| POW.PR.G | Perpetual-Discount | 37.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 23.62 Evaluated at bid price : 23.90 Bid-YTW : 5.87 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BAM.PF.C | Perpetual-Discount | 50,900 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 21.39 Evaluated at bid price : 21.39 Bid-YTW : 5.71 % |
| TD.PF.M | FixedReset Disc | 33,313 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 21.61 Evaluated at bid price : 21.90 Bid-YTW : 4.87 % |
| BMO.PR.E | FixedReset Disc | 30,622 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 4.91 % |
| TD.PF.K | FixedReset Disc | 30,403 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 17.30 Evaluated at bid price : 17.30 Bid-YTW : 4.89 % |
| TRP.PR.E | FixedReset Disc | 30,165 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 12.50 Evaluated at bid price : 12.50 Bid-YTW : 5.98 % |
| MFC.PR.C | Deemed-Retractible | 20,600 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2050-06-30 Maturity Price : 21.28 Evaluated at bid price : 21.28 Bid-YTW : 5.33 % |
| There were 13 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| MFC.PR.Q | FixedReset Ins Non | Quote: 14.36 – 15.94 Spot Rate : 1.5800 Average : 0.9924 YTW SCENARIO |
| TD.PF.A | FixedReset Disc | Quote: 14.50 – 15.41 Spot Rate : 0.9100 Average : 0.6168 YTW SCENARIO |
| CCS.PR.C | Deemed-Retractible | Quote: 21.69 – 23.00 Spot Rate : 1.3100 Average : 1.0491 YTW SCENARIO |
| W.PR.K | FixedReset Disc | Quote: 24.20 – 24.80 Spot Rate : 0.6000 Average : 0.3696 YTW SCENARIO |
| CU.PR.H | Perpetual-Discount | Quote: 24.04 – 24.60 Spot Rate : 0.5600 Average : 0.3531 YTW SCENARIO |
| PWF.PR.T | FixedReset Disc | Quote: 14.59 – 15.25 Spot Rate : 0.6600 Average : 0.4734 YTW SCENARIO |