BBO.PR.A Placed On Review-Negative By DBRS

DBRS has announced that it:

has today placed the rating of the Class A, Preferred Shares (the Preferred Shares) issued by Big Bank Big Oil Split Corp. (the Company) Under Review with Negative Implications. In June 2006, the Company issued 2.72 million Preferred Shares at $10 each and an equal number of Capal Shares (the Capital Shares) at $15 each. The final redemption date for the Preferred Shares is December 30, 2016.

DBRS last confirmed the rating of the Preferred Shares on April 4, 2014. The plunge in oil prices in recent months has caused downside protection to fall to 42% as of January 29, 2015. As a result, the Preferred Shares have been placed Under Review with Negative Implications.

BBO.PR.A was last mentioned on PrefBlog when it was confirmed at Pfd-2(low) by DBRS on April 5, 2013.

Blackrock’s useless and hard to find website does not explicitly publish the NAVPU for the fund, but I’m sure we can all applaud management of the company for doing so well despite being mentally deficient. Fiddling with Chart and getting the historical NAVs eventually leads to the information that the NAV is $8.04; note that this is PER CAPITAL UNIT, not per whole unit, which is not made explicit on the charts due to Blackrock management’s unfortunate handicap. As noted on April 5, 2013, this method of reporting valuation was only made clear on the fact sheet, but now clicking “Fact Sheet” on the fund’s page results in the notification that No search results found for keywords: ‘CA0888941006’. Other useful information on the site includes the fact that the page is “Missing portfolio manager content”.

I strongly urge that readers who might meet a Blackrock executive in the course of their day to please remember to be kind. There, but for the grace of God, go we.

BBO.PR.A is not tracked by HIMIPref™.

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