{"id":24531,"date":"2014-02-27T22:32:43","date_gmt":"2014-02-28T03:32:43","guid":{"rendered":"http:\/\/prefblog.com\/?p=24531"},"modified":"2014-02-27T22:32:43","modified_gmt":"2014-02-28T03:32:43","slug":"alb-pr-b-upgraded-to-pfd-2-by-dbrs","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=24531","title":{"rendered":"ALB.PR.B Upgraded to Pfd-2 by DBRS"},"content":{"rendered":"<p>DBRS <a href=\"http:\/\/dbrs.com\/research\/265440\/dbrs-upgrades-allbanc-split-corp-ii-class-b-preferred-shares-series-1-to-pfd-2-from-pfd-2-low.html\">has announced<\/a>:<\/p>\n<blockquote><p>The dividends received from the Portfolio are used to pay a fixed cumulative quarterly distribution of $0.2316 per share to holders of the Class B Preferred Shares, yielding approximately 4.25% annually on the initial issue price of $21.80. The current yield on the Portfolio shares fully covers the Class B Preferred Share dividends, providing dividend coverage of approximately 2.0 times. The Class A Capital Shares receive all excess dividend income after the Class B Preferred Share distributions and other expenses of the Company have been paid.<\/p>\n<p> The performance of the Company has been positive in the previous year, in line with the share prices of Canadian banks. Downside protection increased steadily to 60.9% on February 13, 2014, from 53.4% on June 20, 2013, while increases in dividend distributions from underlying banks helped boost the dividend coverage ratio. As a result, the rating of the Class B Preferred Shares has been upgraded to Pfd-2 from Pfd-2 (low).<\/p><\/blockquote>\n<p>ALB.PR.B was last mentioned on PrefBlog when it had a <a href=\"http:\/\/prefblog.com\/?p=24463\">partial call for redemption<\/a> on February 18. ALB.PR.B is tracked by HIMIPref\u2122, but relegated to the Scraps index on volume concerns.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>DBRS has announced: The dividends received from the Portfolio are used to pay a fixed cumulative quarterly distribution of $0.2316 per share to holders of the Class B Preferred Shares, yielding approximately 4.25% annually 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-24531","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24531","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=24531"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24531\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}