PrefBlog

Gatehouse Capital Inc. has announced:

Standard & Poor’s Ratings Services lowered the rating of Global Credit Pref Corp.’s (TSX:GPA.PR.A) preferred shares on April 29 to P-4. The rating on the preferred shares of Global Credit Pref Corp. mirrors the lowering of the rating on the $48,031,000 fixed-rate static portfolio credit linked note issued by The Toronto-Dominion Bank to B.

The Company has exposure to the credit linked note issued by The Toronto-Dominion Bank and held by Global Credit Trust, the return on which is linked to the credit performance of 127 reference entities.

This follows the April 11 Watch Negative and the March 17 downgrade to P-4(high).

Par value is $25.00. The sponsor claims that the NAVPS is $12.27. They closed on the TSX today at 10.11-55, 3×4. Ouch!

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

This entry was posted on Wednesday, April 30th, 2008 at 5:25 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.