{"id":4579,"date":"2008-12-19T20:21:53","date_gmt":"2008-12-20T00:21:53","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=4579"},"modified":"2008-12-19T20:21:53","modified_gmt":"2008-12-20T00:21:53","slug":"yet-another-dbrs-mass-review-of-splits","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=4579","title":{"rendered":"Yet ANOTHER DBRS Mass Review of Splits"},"content":{"rendered":"

DBRS has announced<\/a> that it:<\/p>\n

has today placed the rating of certain structured preferred shares (Split Shares) Under Review with Negative Implications. Each of these split share companies has invested in a portfolio of securities (the Portfolio) funded by issuing two classes of shares \u2013 dividend-yielding preferred shares or securities (the Preferred Shares) and capital shares or units (the Capital Shares). The Preferred Shares benefit from a stable dividend yield and downside principal protection via the net asset value (NAV) of the Capital Shares against the percentage loss in the Portfolio\u2019s NAV. Preferred Shares have experienced significant declines in downside protection during the past number of months due to volatility in the global equity markets. As a result, DBRS has placed the Preferred Shares listed below Under Review with Negative Implications. DBRS will take final rating action on these Preferred Shares once a longer-term trend has been established for the NAVs of the affected split share companies.<\/p><\/blockquote>\n

They note that analysis will be performed according to the methodology of 2007<\/a><\/p>\n

They do not explicitly list the affected splits in the main text, but they do have a list of related issues. On the assumption that there is a one-to-one relationship, the following table may be prepared.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
DBRS Review Announced 2008-12-19<\/td>\n<\/tr>\n
Ticker<\/td>\nRating<\/td>\nAsset
Coverage<\/td>\n		Last
PrefBlog
Post<\/td>\n		HIMIPref™
Index<\/td>\n<\/tr>\n
ABK.PR.B<\/td>\nPfd-2(low)<\/td>\n1.3+:1
12\/18<\/a><\/td>\n		Issue Closes<\/a><\/td>\nNone<\/td>\n<\/tr>\n
TDS.PR.B<\/td>\nPfd-2(low)<\/td>\n1.5-:1
12\/18<\/a><\/td>\n		Microscopic Redemption<\/a><\/td>\nScraps<\/td>\n<\/tr>\n
FTN.PR.A<\/td>\nPfd-2<\/td>\n1.4-:1
12\/15<\/a><\/td>\n		No Fear!<\/a><\/td>\nSplitShare<\/td>\n<\/tr>\n
BMT.PR.A<\/td>\nPfd-2(low)<\/td>\n1.1+:1
12\/18<\/a><\/td>\n		Partial Call<\/a><\/td>\nScraps<\/td>\n<\/tr>\n
MST.PR.A<\/td>\nPfd-2(low)<\/td>\n1.3+:1
12\/18<\/a><\/td>\n		Capital Unit Dividend Suspended<\/a><\/td>\nScraps<\/td>\n<\/tr>\n
FFN.PR.A<\/td>\nPfd-2(low)<\/td>\n1.1+:1
12\/15<\/a><\/td>\n		Capital Unit Dividend Suspended<\/a><\/td>\nSplitShare<\/td>\n<\/tr>\n
EN.PR.A<\/td>\nPfd-2(low)<\/td>\n1.4+:1
12\/18<\/a><\/td>\n		Partial Redemption<\/a><\/td>\nScraps<\/td>\n<\/tr>\n
BXN.PR.B<\/td>\nPfd-2(low)<\/td>\n1.6-:1
12\/18<\/a><\/td>\n		Partial Redemption<\/a><\/td>\nNone<\/td>\n<\/tr>\n
PPL.PR.A<\/td>\nPfd-2<\/td>\n1.4-:1
12\/15<\/a><\/td>\n		Added to HIMIPref™<\/a><\/td>\nSplitShare<\/td>\n<\/tr>\n
LSC.PR.C<\/td>\nPfd-2<\/td>\n1.4-:1
12\/18<\/a><\/td>\n		Partial Redemption<\/a><\/td>\nNone<\/td>\n<\/tr>\n
BSC.PR.A<\/td>\nPfd-2(low)<\/td>\n1.4+:1
12\/18<\/a><\/td>\n		Partial Redemption<\/a><\/td>\nNone<\/td>\n<\/tr>\n
SBC.PR.A<\/td>\nPfd-2<\/td>\n1.3+:1
12\/18<\/a><\/td>\n		Added to HIMIPref™<\/a><\/td>\nSplitShare<\/td>\n<\/tr>\n
PDV.PR.A<\/td>\nPfd-2<\/td>\n1.3+:1
12\/15<\/a><\/td>\n		None<\/td>\nNone<\/td>\n<\/tr>\n
SOT.PR.A<\/td>\nPfd-2(low)<\/td>\n1.4+:1
12\/18<\/a><\/td>\n		None<\/td>\nNone<\/td>\n<\/tr>\n
BBO.PR.A<\/td>\nPfd-2<\/td>\n1.6+:1
12\/11<\/a><\/td>\n		Rights Offering<\/a><\/td>\nNone<\/td>\n<\/tr>\n
LBS.PR.A<\/td>\nPfd-2<\/td>\n1.3-:1
12\/18<\/a><\/td>\n		Analysis<\/a><\/td>\nSplitShare<\/td>\n<\/tr>\n
RBS.PR.A<\/td>\nPfd-2(low)<\/td>\n1.2-:1
12\/18<\/a><\/td>\n		Tiny Redemption<\/a><\/td>\nNone<\/td>\n<\/tr>\n
LCS.PR.A<\/td>\nPfd-2<\/td>\n1.2+:1
12\/18<\/a><\/td>\n		Analysis<\/a><\/td>\nNone<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

The previous DBRS Review of Splits<\/a> has not yet been completed. All these are new.<\/p>\n","protected":false},"excerpt":{"rendered":"

DBRS has announced that it: has today placed the rating of certain structured preferred shares (Split Shares) Under Review with Negative Implications. Each of these split share companies has invested in a portfolio of securities …<\/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-4579","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/4579","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=4579"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/4579\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4579"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4579"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4579"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}