GBA.PR.A: DBRS Discontinues Rating

DBRS has announced that it:

has today discontinued its rating on the Preferred Shares issued by GlobalBanc Advantaged 8 Split Corp. (the Company) at the request of the Company.

The company stated that:

The board of directors concluded that there was no benefit to continuing the rating, and incurring the costs associated with the rating.

The company announced yesterday that:

announces a distribution of $0.005 per Preferred Share for the quarter ending September 30, 2009. The distribution will be paid on October 13, 2009 to holders of record on September 30, 2009. A distribution will not be paid on the Class A Shares for the quarter ending September 30, 2009.

The Board of Directors has again decided to maintain the distribution at the same level as the last two quarters even though the Bloomberg Dividend Forecast now anticipates that dividends to be paid by certain of the banks included in the Bank Portfolio may increase slightly in 2010. The Board of Directors will continue to monitor the Bloomberg Dividend Forecast, the Company’s current cash flow and changes in its expenses and may revise the amount of dividends paid on the Preferred Shares in the future.

Unitholders are reminded that the Preferred Shares, as a class, are entitled to receive, as and when paid in the discretion of the Board of Directors of the Company, cumulative dividends not exceeding $0.1125 per share per annum. The shortfall below the prescribed amount of the Preferred Share dividend (currently, $0.2575 in aggregate) will accumulate and, in accordance with the terms of the Preferred Shares and the Class A Shares, will be paid in priority to any payments on the Class A Shares.

GBA.PR.A was last mentioned on PrefBlog when it was downgraded to Pfd-5(low) by DBRS in February. GBA.PR.A is not tracked by HIMIPref™.

One Response to “GBA.PR.A: DBRS Discontinues Rating”

  1. […] was last mentioned on PrefBlog when the DBRS rating was discontinued in 2009. GBA.PR.A was not tracked by […]

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