DBRS has announced that it:
has today upgraded the rating of the Class B Preferred Shares, Series 1 (the Class B Preferred Shares) issued by BNS Split Corp. II (the Company) to Pfd-2 from Pfd-2 (low). The Class B Preferred Shares were issued in September 2010, following a reorganization of the Company. The Company used the proceeds from the initial share issuance of Class A Preferred Shares and Class A Capital Shares to purchase a portfolio of common shares of Bank of Nova Scotia (currently rated AA by DBRS).
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The performance of the Company has been positive since the last rating action. Downside protection increased steadily to 67.5% on April 10, 2014, from 63.9% on August 1, 2013, while increases in dividend distributions from underlying banks helped boost the dividend coverage ratio. As a result, the rating of the Class B Preferred Shares has been upgraded to Pfd-2 from Pfd-2 (low).
BSC.PR.B was last mentioned on PrefBlog at the time of a partial redemption last September (with a brief aside recently that it is the most illiquid issue in the HIMIPref™ universe). It is tracked by HIMIPref™ but relegated to the Scraps index on volume concerns.
This entry was posted on Friday, April 25th, 2014 at 8:57 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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BSC.PR.B Upgraded to Pfd-2 by DBRS
DBRS has announced that it:
BSC.PR.B was last mentioned on PrefBlog at the time of a partial redemption last September (with a brief aside recently that it is the most illiquid issue in the HIMIPref™ universe). It is tracked by HIMIPref™ but relegated to the Scraps index on volume concerns.
This entry was posted on Friday, April 25th, 2014 at 8:57 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.