DBRS has announced:
has today downgraded its rating on the LROC Preferred Units (the Units) issued by Kingsway Linked Return of Capital Trust (the Trust) to Pfd-4 (low) from Pfd-4. The Under Review with Negative Implications status, which was assigned to the Units on June 8, 2009, is being maintained.
The LROC Preferred Units are supported by an exposure to a note guaranteed by Kingsway Financial Services Inc. and Kingsway America Inc. (collectively, Kingsway) through a forward purchase agreement. The downgrade of the Units is a result of DBRS downgrading the long-term debt ratings of Kingsway earlier today to B (high) from BB (low).
Also, subsequent to today’s downgrade, DBRS immediately discontinued its ratings coverage of Kingsway. As a result, the rating of the Units has also been discontinued.
KSP.UN was last mentioned on PrefBlog when it was downgraded to Pfd-4 by DBRS. KSP.UN is not tracked by HIMIPref™.
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