{"id":2496,"date":"2008-07-24T17:35:13","date_gmt":"2008-07-24T21:35:13","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=2496"},"modified":"2008-07-24T17:35:13","modified_gmt":"2008-07-24T21:35:13","slug":"dbrs-places-ftnpra-under-review-developing","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=2496","title":{"rendered":"DBRS Places FTN.PR.A Under &quot;Review-Developing&quot;"},"content":{"rendered":"<p>Following the <a href=\"http:\/\/www.prefblog.com\/?p=2469\">shareholder approval of the term extension<\/a>, <a href=\"http:\/\/www.dbrs.com\">DBRS<\/a>:<\/p>\n<blockquote><p>has today placed the rating of the Preferred Shares issued by Financial 15 Split Corp. (the Company) Under Review with Developing Implications.<\/p>\n<p>An initial rating of Pfd-2 was assigned to the Preferred Shares in November 2003. The Preferred Shares had a scheduled final maturity date of December 1, 2008. On June 3, 2008, Quadravest Capital Management (the Manager) announced a proposal would be made to the Company\u2019s shareholders to extend the mandatory termination date for the Company from December 1, 2008 to December 1, 2015.<\/p>\n<p>On July 23, the Manager announced that the resolution to extend the final maturity was approved by the required percentage of Preferred Shareholders and Class A Shareholders. As a result of such developments, DBRS has placed the rating of the Preferred Shares Under Review with Developing Implications.<\/p><\/blockquote>\n<p>FTN.PR.A had an asset coverage of just under 1.7:1 as of July 15, according to <a href=\"http:\/\/www.financial15.com\/valuations.html\">the company<\/a>, with the note:<\/p>\n<blockquote><p>As at the close on July 17, 2008, there have been material upward movements in the net asset values ranging from 10% to 25%.<\/p><\/blockquote>\n<p>Shall we guess? Based on the <a href=\"http:\/\/www.prefblog.com\/?p=2299\">downgrade of WFS.PR.A<\/a> and the <a href=\"http:\/\/www.prefblog.com\/?p=2090\">downgrade of FFN.PR.A<\/a>, I&#8217;d call it 50-50 between a rating of Pfd-2(low) and Pfd-3(high) once the review has been completed.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following the shareholder approval of the term extension, DBRS: has today placed the rating of the Preferred Shares issued by Financial 15 Split Corp. (the Company) Under Review with Developing Implications. An initial rating of &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-2496","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/2496","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=2496"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/2496\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}