DBRS has announced that it:
has today upgraded the rating on the Class B Preferred Shares, Series 2 (the Series 2 Preferred Shares) issued by Allbanc Split Corp. II (the Company) to Pfd-2 from Pfd-2 (low). In February 2016, the Company offered 687,567 Series 2 Preferred Shares at $25.67 each as part of a share reorganization. The Series 2 Preferred Shares were issued to maintain the leveraged split share structure of the Company so that the number of issued and outstanding Class A Capital Shares is twice the number of issued and outstanding Series 2 Preferred Shares. The maturity date for the Series 2 Preferred Shares is February 28, 2021.
…
The current yield on the Portfolio shares fully covers the Series 2 Preferred Share dividends, providing dividend coverage of approximately 1.5 times (x). The Class A Capital Shares are expected to receive all excess dividend income after the Series 2 Preferred Share distributions and other expenses of the Company have been paid.
In the past year, the downside protection available to the Series 2 Preferred Shares, although being volatile, has been gradually increasing, reaching approximately 67.7% as of February 16, 2017.
ALB.PR.C is tracked by HIMIPref™ but relegated to the Scraps index on credit concerns.
This entry was posted on Thursday, February 23rd, 2017 at 10:27 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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ALB.PR.C Upgraded to Pfd-2 by DBRS
DBRS has announced that it:
ALB.PR.C is tracked by HIMIPref™ but relegated to the Scraps index on credit concerns.
This entry was posted on Thursday, February 23rd, 2017 at 10:27 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.