{"id":25076,"date":"2014-04-25T20:57:51","date_gmt":"2014-04-26T01:57:51","guid":{"rendered":"http:\/\/prefblog.com\/?p=25076"},"modified":"2014-04-25T20:57:51","modified_gmt":"2014-04-26T01:57:51","slug":"bsc-pr-b-upgraded-to-pfd-2-by-dbrs","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=25076","title":{"rendered":"BSC.PR.B Upgraded to Pfd-2 by DBRS"},"content":{"rendered":"<p>DBRS <a href=\"http:\/\/dbrs.com\/research\/267262\/dbrs-upgrades-bns-split-corp-ii-class-b-preferred-shares-series-1-to-pfd-2-from-pfd-2-low.html\">has announced<\/a> that it:<\/p>\n<blockquote><p>has today upgraded the rating of the Class B Preferred Shares, Series 1 (the Class B Preferred Shares) issued by BNS Split Corp. II (the Company) to Pfd-2 from Pfd-2 (low). The Class B Preferred Shares were issued in September 2010, following a reorganization of the Company. The Company used the proceeds from the initial share issuance of Class A Preferred Shares and Class A Capital Shares to purchase a portfolio of common shares of Bank of Nova Scotia (currently rated AA by DBRS).<br \/><b>&#8230;<\/b><br \/>The performance of the Company has been positive since the last rating action. Downside protection increased steadily to 67.5% on April 10, 2014, from 63.9% on August 1, 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>BSC.PR.B was last mentioned on PrefBlog at the time of a <a href=\"http:\/\/prefblog.com\/?p=23004\">partial redemption last September<\/a> (with a <a href=\"http:\/\/prefblog.com\/?p=24990\">brief aside recently<\/a> that it is the most illiquid issue in the HIMIPref&trade; universe). It is tracked by HIMIPref&trade; but relegated to the Scraps index on volume concerns.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>DBRS has announced that it: has today upgraded the rating of the Class B Preferred Shares, Series 1 (the Class B Preferred Shares) issued by BNS Split Corp. II (the Company) to Pfd-2 from Pfd-2 &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-25076","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/25076","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=25076"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/25076\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25076"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25076"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25076"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}