DBRS Confirms Nine, Upgrades One SplitShare Corp.

DBRS has announced that it:

has today taken a range of rating actions on ten structured preferred shares.

Equity performance has been positive over the past year, with the S&P/TSX Composite Index rising by 7.0% from July 31, 2012, to July 31, 2013. All ten Issuers experienced stable or increasing net asset values (NAVs) over that same period, with those exposed primarily to Canadian financial institutions outperforming more diversified funds. Notwithstanding the positive performance over the past year, the ratings assigned to the many of the Preferred Shares continue to be constrained by distributions paid to holders of the Capital Shares, which depress NAVs and downside protection levels. Other key rating factors include the downside protection volatility in recent months, the credit quality and diversification of each Portfolio and the expected maturity date of the Preferred Shares of each Issuer. One Preferred Share was upgraded, primarily based on the level and stability of the downside protection over the past year.

DBRS Review Announced 2012-9-7
Ticker Old
Rating
Asset
Coverage
Last
PrefBlog
Post
HIMIPref™
Index
New
Rating
CBU.PR.A Pfd-2 3.1-:1
2013-9-5
2012 Confirmation Not Tracked Pfd-2(high)
NEW.PR.C Pfd-2(high) 3.6-:1
2013-9-5
2012 Upgrade Scraps Pfd-2(high)
BSC.PR.B Pfd-2(low) 2.8+:1
2013-9-5
Partial Redemption Scraps Pfd-2(low)
SBC.PR.A Pfd-3(high) 2.2-:1
2013-9-5
Treasury Offering Scraps Pfd-3(high)
BK.PR.A Pfd-3 2.1-:1
2013-8-30
Warrant expiry Scraps Pfd-3
DFN.PR.A Pfd-3 1.9+:1
2013-8-30
13H1 Financials Scraps Pfd-3
SBN.PR.A Pfd-3 1.8+:1
2013-9-5
2012 Confirmation Scraps Pfd-3
DF.PR.A Pfd-3(low) 1.6-:1
2013-8-30
Annual Report
2012
Scraps Pfd-3(low)
FCS.PR.B Pfd-3(low) 1.4-:1
2012-12-31
2013 Retraction Results Scraps Pfd-3(low)
LBS.PR.A Pfd-3(low) 1.8+:1
2013-9-5
Term Extension Scraps Pfd-3(low)

2 Responses to “DBRS Confirms Nine, Upgrades One SplitShare Corp.”

  1. […] is tracked by HIMIPref™ but relegated to the Scraps index on credit concerns. It was recently confirmed at Pfd-3 by DBRS. Income Coverage in 13H1 was […]

  2. […] was last mentioned on PrefBlog when it was confirmed at Pfd-3(low) by DBRS. DF.PR.A is tracked by HIMIPref™ but is relegated […]

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