{"id":1659,"date":"2008-01-07T18:10:16","date_gmt":"2008-01-07T22:10:16","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=1659"},"modified":"2008-01-07T18:10:16","modified_gmt":"2008-01-07T22:10:16","slug":"stqe-downgraded-by-dbrs","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=1659","title":{"rendered":"STQ.E Downgraded by DBRS"},"content":{"rendered":"

DBRS<\/a> has announced:<\/p>\n

\n

DBRS has today downgraded the Equity Dividend Shares (the Preferred Shares) issued by Income STREAMS III Corporation (the Company) from Pfd-4 to Pfd-5 with a Negative trend.
\n…<\/strong>
\nQuadravest Capital Management (the Manager) manages the Managed Portfolio, generating income from dividends, covered call option premiums and capital appreciation. The holders of the Preferred Shares receive a fixed, cumulative monthly dividend yielding 7.00% per annum on the initial share price. Excess amounts may be distributed to holders of the Capital Yield Shares if the Preferred Share dividends are not in arrears and the Managed Portfolio provides asset coverage of at least 1.20 times to the Preferred Shares.<\/p>\n

Since inception, the net asset value (NAV) of the Managed Portfolio has declined about 46% to $14.54 per share (as of December 31, 2007), providing negative downside protection to the Preferred Share principal of $15. The Managed Portfolio would have to generate a return of about 10% in the next year for the Managed Portfolio NAV to maintain its current level.<\/p>\n

The downgrade of the Preferred Shares is based on the lack of downside protection currently available to the Preferred Shareholders, as well as on the grind on the Managed Portfolio relative to its current NAV.<\/p>\n<\/blockquote>\n

The DBRS Rating History of STQ.E is:<\/p>\n

\n\n\n\n\n\n\n\n
STQ.E
\nDBRS Rating History<\/td>\n<\/tr>\n
From<\/td>\nTo<\/td>\nDBRS
\nRating<\/td>\n<\/tr>\n
2001-07-11<\/td>\n2002-07-10<\/td>\nPfd-2<\/td>\n<\/tr>\n
2002-07-11<\/td>\n2003-06-22<\/td>\nPfd-3(low)<\/td>\n<\/tr>\n
2003-06-23<\/td>\n2008-01-04<\/td>\nPfd-4<\/td>\n<\/tr>\n
2008-01-07<\/td>\nIndefinite<\/td>\nPfd-5
\n(trend
\nnegative)<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

STQ.E is included in the HIMIPref™ universe but is not included in the SplitShares index due to credit concerns.<\/p>\n

\n

\n<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

DBRS has announced: DBRS has today downgraded the Equity Dividend Shares (the Preferred Shares) issued by Income STREAMS III Corporation (the Company) from Pfd-4 to Pfd-5 with a Negative trend. … Quadravest Capital Management (the …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-1659","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1659","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1659"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/1659\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}