{"id":20513,"date":"2012-12-08T00:08:14","date_gmt":"2012-12-08T04:08:14","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=20513"},"modified":"2012-12-08T00:08:14","modified_gmt":"2012-12-08T04:08:14","slug":"cwb-pr-a-rated-by-dbrs-added-to-himipref-database","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=20513","title":{"rendered":"CWB.PR.A Rated by DBRS; Added to HIMIPref™ Database"},"content":{"rendered":"

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

has today assigned two new ratings to Canadian Western Bank (CWB): a Short-Term Instruments rating of R-1 (low) and a Non-Cumulative Preferred Shares rating of Pfd-3 (high) for CWB\u2019s Non-Cumulative Five-Year Rate Reset Preferred Shares, Series 3, issued in March 2009. These new ratings supplement CWB\u2019s existing A (low) Issuer Rating, Deposits & Senior Debt rating of A (low) and Subordinated Debt rating of BBB (high), all of which were last confirmed on October 9, 2012. The trend on all ratings is Stable.<\/p>\n

The Short-Term Instruments rating has been assigned based primarily on CWB\u2019s existing ratings and DBRS\u2019s Rating Policy \u201cShort-Term and Long-Term Rating Relationships,\u201d available at www.dbrs.com.<\/p>\n

The Non-Cumulative Preferred Shares rating was also assessed based on CWB\u2019s existing ratings, including an intrinsic rating of A (low), using DBRS Criteria: Rating Bank Preferred Shares and Equivalent Hybrids (June 29, 2009) (the Criteria). While the Criteria would normally imply a four-notch differential between the intrinsic assessment and the preferred share rating, CWB\u2019s Pfd-3 (high) rating is the equivalent of a three-notch differential. DBRS notes that the better-than-base notching is warranted, given CWB\u2019s long demonstrated ability and willingness to pay all dividends and the lack of any history of reducing common dividends.<\/p><\/blockquote>\n

CWB.PR.A is a FixedReset, 7.25%+500<\/a> that commenced trading 2009-3-2<\/a>.<\/p>\n

The issue has not been tracked by HIMIPref™ due to the lack of a rating; but now that it has one I have added it to the database on a backdated basis.<\/p>\n

Assiduous Readers will remember that I do not track unrated issues, not because I worship the Credit Rating Agencies, but because it is very useful to have a third-party, public and influential company tell the Board of Directors that they’re doing it wrong during times of trouble.<\/p>\n

The issue has been assigned to the Scraps index due to credit concerns.<\/p>\n

It is quite interesting that CWB has now paid for a rating on their public preferred share issue. I’ll bet a nickel that there will be a new issue coming out from them next week – but, sadly, probably not at 7.25%+500!<\/p>\n","protected":false},"excerpt":{"rendered":"

DBRS has announced that it: has today assigned two new ratings to Canadian Western Bank (CWB): a Short-Term Instruments rating of R-1 (low) and a Non-Cumulative Preferred Shares rating of Pfd-3 (high) for CWB\u2019s Non-Cumulative …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33,13],"tags":[],"class_list":["post-20513","post","type-post","status-publish","format-standard","hentry","category-data-fixes","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/20513","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=20513"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/20513\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20513"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20513"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20513"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}