{"id":24032,"date":"2013-12-15T04:04:33","date_gmt":"2013-12-15T09:04:33","guid":{"rendered":"http:\/\/prefblog.com\/?p=24032"},"modified":"2013-12-15T04:04:33","modified_gmt":"2013-12-15T09:04:33","slug":"massive-dbrs-stealth-downgrade-of-banks","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=24032","title":{"rendered":"Massive DBRS Stealth-Downgrade of Banks"},"content":{"rendered":"<p>While reviewing material for this month&#8217;s edition of <a href=\"http:\/\/www.prefletter.com\">PrefLetter<\/a>, I happened to look at a DBRS issuer rating page for one of the banks and noticed &#8230;<\/p>\n<p>&#8230; all the preferred shares had been downgraded, not just the <a href=\"http:\/\/prefblog.com\/?p=23948\">CM issues previously reported<\/a> (or the <a href=\"http:\/\/prefblog.com\/?p=23950\">discontinuation of RY.PR.W<\/a>, for that matter).<\/p>\n<p><a href=\"http:\/\/www.dbrs.com\/issuer\/23\">Bank of Montreal<\/a>: downgraded to Pfd-2(high)<\/p>\n<p><a href=\"http:\/\/www.dbrs.com\/issuer\/25\">Bank of Nova Scotia<\/a>: downgraded to Pfd-2(high)<\/p>\n<p><a href=\"http:\/\/www.dbrs.com\/issuer\/63\">Canadian Imperial Bank of Commerce<\/a>: downgraded to Pfd-2(high)<\/p>\n<p><a href=\"http:\/\/www.dbrs.com\/issuer\/437\">Toronto-Dominion Bank, The<\/a>: downgraded to Pfd-2(high)<\/p>\n<p><a href=\"http:\/\/www.dbrs.com\/issuer\/372\">Royal Bank of Canada<\/a>: downgraded to Pfd-2(high)<\/p>\n<p>Somewhat surprisingly, <a href=\"http:\/\/www.dbrs.com\/issuer\/275\">National Bank of Canada<\/a> appears to have got off scot-free.<\/p>\n<p>There are no press releases. All there is is a reference to a Subscribers Only report titled <a href=\"http:\/\/www.dbrs.com\/research\/263423\/dbrs-ratings-impact-of-updated-criteria-on-bank-preferred-and-preferred-hybrids-in-canada.html\">DBRS: Ratings Impact of Updated Criteria on Bank Preferred and Preferred Hybrids in Canada<\/a>.<\/p>\n<p>Affected issues are<br \/>\nBNS.PR.A, BNS.PR.B, BNS.PR.K, BNS.PR.L, BNS.PR.M, BNS.PR.N, BNS.PR.O, BNS.PR.P, BNS.PR.Q, BNS.PR.R, BNS.PR.T, BNS.PR.X, BNS.PR.Y,  BNS.PR.Z<\/p>\n<p>BMO.PR.J, BMO.PR.K, BMO.PR.L, BMO.PR.M, BMO.PR.N, BMO.PR.O, BMO.PR.P, BMO.PR.Q, BMO.PR.R<\/p>\n<p>CM.PR.K, CM.PR.L, CM.PR.M<\/p>\n<p>RY.PR.A, RY.PR.B, RY.PR.C, RY.PR.D, RY.PR.E, RY.PR.F, RY.PR.G, RY.PR.I, RY.PR.L, RY.PR.N, RY.PR.P, RY.PR.R, RY.PR.T, RY.PR.X, RY.PR.Y<\/p>\n<p>TD.PR.A, TD.PR.C, TD.PR.E, TD.PR.G, TD.PR.I, TD.PR.K, TD.PR.O, TD.PR.P, TD.PR.Q, TD.PR.R, TD.PR.S, TD.PR.T, TD.PR.Y, TD.PR.Z<\/p>\n<p>I have directed an inquiry to DBRS asking whether there will be press releases, as is the normal procedure when a rating changes.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While reviewing material for this month&#8217;s edition of PrefLetter, I happened to look at a DBRS issuer rating page for one of the banks and noticed &#8230; &#8230; all the preferred shares had been downgraded, &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-24032","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24032","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=24032"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24032\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}