KSP.UN: DBRS Downgrades to Pfd-4(low), Discontinues Coverage

DBRS has announced:

has today downgraded its rating on the LROC Preferred Units (the Units) issued by Kingsway Linked Return of Capital Trust (the Trust) to Pfd-4 (low) from Pfd-4. The Under Review with Negative Implications status, which was assigned to the Units on June 8, 2009, is being maintained.

The LROC Preferred Units are supported by an exposure to a note guaranteed by Kingsway Financial Services Inc. and Kingsway America Inc. (collectively, Kingsway) through a forward purchase agreement. The downgrade of the Units is a result of DBRS downgrading the long-term debt ratings of Kingsway earlier today to B (high) from BB (low).

Also, subsequent to today’s downgrade, DBRS immediately discontinued its ratings coverage of Kingsway. As a result, the rating of the Units has also been discontinued.

KSP.UN was last mentioned on PrefBlog when it was downgraded to Pfd-4 by DBRS. KSP.UN is not tracked by HIMIPref™.

This entry was posted on Thursday, November 19th, 2009 at 7:02 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.

One Response to “KSP.UN: DBRS Downgrades to Pfd-4(low), Discontinues Coverage”

  1. KSP.UN: S&P No Longer Rates Underlying Interest « PrefBlog says:
    December 23, 2010 at 9:18 pm

    […] was last mentioned on PrefBlog when DBRS withdrew its rating last year. KSP.UN is not tracked by […]

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