{"id":20050,"date":"2012-10-19T00:58:07","date_gmt":"2012-10-19T04:58:07","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=20050"},"modified":"2012-10-19T00:58:07","modified_gmt":"2012-10-19T04:58:07","slug":"tds-pr-c-upgraded-to-pfd-2","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=20050","title":{"rendered":"TDS.PR.C Upgraded to Pfd-2"},"content":{"rendered":"<p>DBRS <a href=\"http:\/\/www.dbrs.com\/research\/251683\/dbrs-upgrades-td-split-inc-class-c-preferred-shares-series-1-to-pfd-2-from-pfd-2-low.html\">has announced<\/a> that it:<\/p>\n<blockquote><p>has today upgraded the rating of the Class C Preferred Shares, Series 1 (the Class C Preferred Shares) issued by TD Split Inc. (the Company) to Pfd-2 from Pfd-2 (low).<br \/><b>&#8230;<\/b><br \/>On November 21, 2011, DBRS confirmed the ratings on the Class C Preferred Shares at Pfd-2 (low) mainly based on the stable downside protection levels available to holders of the Class C Preferred Shares over the prior year. Since the rating confirmation, the net asset value (NAV) of the Company has been increasing fairly steadily, rising from $25.93 on December 1, 2011, to $29.41 as of October 11, 2012. Downside protection available to the holders of the Class C Preferred Shares increased to approximately 66.0% as of October 11, 2012, from 61.4% on December 1, 2011. In addition, TD raised its dividends on August 30, 2012, increasing quarterly distributions by five cents to 77 cents per share. This dividend boost increases the Class C Preferred Share distribution coverage ratio to 2.0 times. The Class C Preferred Shares are being upgraded mainly due to the increased downside protection available and the improved distribution coverage ratio.<\/p>\n<p>The main constraints to the rating are the following:<\/p>\n<p>(1) The downside protection provided to holders of the Class C Preferred Shares is dependent on the value of the shares in the Portfolio.<\/p>\n<p>(2) Volatility of price and changes in the dividend policies of TD may result in significant reductions in downside protection or dividend coverage from time to time.<\/p>\n<p>(3) The concentration of the entire Portfolio is in the common shares of TD.<\/p><\/blockquote>\n<p>TDS.PR.C is tracked by HIMIPref&trade; but is relegated to the Scraps index on volume concerns. It was last mentioned on PrefBlog when there was a <a href=\"http:\/\/www.prefblog.com\/?p=16869\">partial call for redemption<\/a> last November.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>DBRS has announced that it: has today upgraded the rating of the Class C Preferred Shares, Series 1 (the Class C Preferred Shares) issued by TD Split Inc. (the Company) to Pfd-2 from Pfd-2 (low).&#8230;On &hellip;<\/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-20050","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/20050","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=20050"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/20050\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20050"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20050"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20050"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}