RPA.PR.A Downgraded to P-3 / Watch Negative by S&P

ROC Pref II Corp has announced:

that Standard & Poor’s (“S&P”) lowered its ratings on ROC II’s Preferred Shares from P-2 to P-3 and the Preferred Shares remain on CreditWatch with negative implications. S&P expects to resolve the CreditWatch placement within a period of 90 days and update its opinion. As announced in a press release dated December 8, the move comes as a result of the Tribune Company credit event as well as several downgrades of companies held in the Reference Portfolio.

ROC Pref II Corp.’s Preferred Shares pay a fixed quarterly coupon of 4.65% on their $25.00 principal value and will mature on or about December 31, 2009. The Standard & Poor’s rating addresses the likelihood of full payment of distributions and payment of $25.00 principal value per Preferred Share on the maturity date. The Preferred Shares are listed for trading on the Toronto Stock Exchange under the symbol RPA.PR.A.

The effect of the Tribune credit event was reported on PrefBlog.

RPA.PR.A is not tracked by HIMIPref™.

One Response to “RPA.PR.A Downgraded to P-3 / Watch Negative by S&P”

  1. […] was last mentioned on PrefBlog when it was Downgraded to P-3 / Watch Negative by […]

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