GPA.PR.A Downgraded to P-4(high) by S&P

S&P has tersely noted that it has:

lowered its ratings on Global Credit Pref. Corp.’s preferred shares and removed them from CreditWatch with negative implications, where they were placed Jan. 16, 2008

The lowering of the ratings mirrors the lowering of the rating on the credit-linked note to which the preferred shares are linked.

The rating had previously been P-3(low)/Watch Negative.

The sponsor’s website notes:

Global Credit Pref Corp. is a mutual fund corporation that will issue 10-year redeemable, retractable cumulative preferred shares. The Preferred Shares have been assigned a preliminary rating of P-1 (Low) by Standard & Poor’s

Par value is $25.00. The sponsor claims that the NAVPS is $13.70. They closed on the TSX today at 9.80-50, 17×10. Ouch!

There are 1.6+ million shares outstanding. GPA.PR.A is not tracked by HIMIPref™.


2 Responses to “GPA.PR.A Downgraded to P-4(high) by S&P”

  1. […] follows the downgrade to P-4(high) less than a month […]

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