{"id":2251,"date":"2008-06-11T22:04:47","date_gmt":"2008-06-12T02:04:47","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=2251"},"modified":"2008-06-11T22:04:47","modified_gmt":"2008-06-12T02:04:47","slug":"kspun-downgraded-to-pfd-3-by-dbrs","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=2251","title":{"rendered":"KSP.UN Downgraded to Pfd-3 by DBRS"},"content":{"rendered":"<p>Not, perhaps, unequivocally a preferred share, but Kingsway Linked Return of Capital Trust is managed by <a href=\"http:\/\/www.scotiamanagedcompanies.com\/\">Scotia Managed Companies<\/a> and is rated by both S&#038;P and DBRS using their &#8220;preferred share scale&#8221; &#8230; and we all know <a href=\"http:\/\/www.nakedcapitalism.com\/2008\/06\/investors-issuers-howl-over-plans-to.html\">how dreadfully important<\/a> the ratings scales are, don&#8217;t we? <a href=\"http:\/\/www.prefblog.com\/?p=1944\">Critically important<\/a>! <a href=\"http:\/\/www.prefblog.com\/?p=2201\">Crucially important<\/a>!<\/p>\n<p>So anyway, <a href=\"http:\/\/www.dbrs.com\">DBRS<\/a> says:<\/p>\n<blockquote><p>DBRS has today downgraded the LROC Preferred Units (the Units) issued by Kingsway Linked Return of Capital Trust to Pfd-3 from Pfd-3 (high), with a Negative trend. The rating had been placed Under Review with Negative Implications on December 21, 2007.<\/p>\n<p>The 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 on June 6, 2008, to BBB (low) from BBB, with a Negative trend.<\/p>\n<p>The redemption date for the Units will be June 30, 2015.<\/p><\/blockquote>\n<p>The issue continues to be rated P-3 by S&#038;P (which rates Kingsway Financial at BB (negative trend) and issues of Kingsway America at BB.<\/p>\n<p>KSP.UN is not tracked by HIMIPref&trade;.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Not, perhaps, unequivocally a preferred share, but Kingsway Linked Return of Capital Trust is managed by Scotia Managed Companies and is rated by both S&#038;P and DBRS using their &#8220;preferred share scale&#8221; &#8230; and we &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-2251","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/2251","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=2251"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/2251\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2251"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2251"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2251"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}