PrefBlog

S&P has announced:

placed its ratings on the issue of Global Credit Pref Corp.’s preferred shares on CreditWatch with negative implications (see list). The CreditWatch placement mirrors the CreditWatch action on the credit-linked note (CLN) to
which the issue of preferred shares is linked.
Standard & Poor’s will continue to monitor the underlying portfolio and expects to resolve the CreditWatch placement within a period of 90 days and update its opinion.

Global Credit Pref Corp.
Ratings Placed On CreditWatch Negative
To From
Preferred shares
Global scale: B+/Watch Neg B+
Canada national scale: P-4(High)/Watch Neg P-4(High)

(Related CLN: The Toronto-Dominion Bank C$48,031,000 Portfolio Credit Linked
Notes)

The follows the downgrade to P-4(high) less than a month ago.

Originally issued at $25.00, the NAV is now $11.92 according to the sponsor. Ouch! It is currently quoted at 11.01-35, 4×3.

GPA.PR.A is not tracked by HIMIPref™. Many thanks to the Assiduous Reader who brought this to my attention!

This entry was posted on Friday, April 11th, 2008 at 4:13 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.