PrefBlog

Dominion Bond Rating Service has announced that it:

has today discontinued its rating on the Class A Shares issued by Mulvihill Pro-AMS RSP Split Share Corp. at the request of Mulvihill Capital Management Inc. (the Promoter).

The fund’s 1H09 Financials noted:

No distributions were made to Class A and Class B shareholders.
…
In October 2008, the Managed Portfolio funded additional amounts for the Class A Share Forward Agreement to a future value of $10.00 per Class A Share. The Managed Portfolio was reduced significantly in size with this funding. The Class A Shares have residual risk now, since the decrease in the size of the Managed Portfolio may mean that the Class A Shareholders will be expected to cover expenses of the Fund in future years. As a result, the expected redemption value of the Class A Shares to be received in December of 2013 is less than $10.00 per Class A Share.

SPL.A was last mentioned on PrefBlog when it was downgraded to D by DBRS. SPL.A is tracked by HIMIPref™ but is relegated to the Scraps subindex on credit concerns.

This entry was posted on Friday, January 29th, 2010 at 9:40 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.