{"id":48141,"date":"2017-02-23T21:19:00","date_gmt":"2017-02-24T02:19:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=48141"},"modified":"2025-07-10T21:19:46","modified_gmt":"2025-07-11T01:19:46","slug":"alb-pr-c-upgraded-to-pfd-2-by-dbrs","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48141","title":{"rendered":"ALB.PR.C Upgraded to Pfd-2 by DBRS"},"content":{"rendered":"<p>DBRS <a href=\"https:\/\/web.archive.org\/web\/20240421181336\/http:\/\/www.dbrs.com\/research\/306295\/dbrs-upgrades-rating-of-allbanc-split-corp-ii-class-b-preferred-shares-series-2-to-pfd-2-from-pfd-2-low.html\">has announced<\/a> that it:<\/p>\n<blockquote>\n<p> has today upgraded the rating on the Class B Preferred Shares, Series 2 (the Series 2 Preferred Shares) issued by Allbanc Split Corp. II (the Company) to Pfd-2 from Pfd-2 (low). In February 2016, the Company offered 687,567 Series 2 Preferred Shares at $25.67 each as part of a share reorganization. The Series 2 Preferred Shares were issued to maintain the leveraged split share structure of the Company so that the number of issued and outstanding Class A Capital Shares is twice the number of issued and outstanding Series 2 Preferred Shares. The maturity date for the Series 2 Preferred Shares is February 28, 2021.<br \/><b>&#8230;<\/b><br \/>The current yield on the Portfolio shares fully covers the Series 2 Preferred Share dividends, providing dividend coverage of approximately 1.5 times (x). The Class A Capital Shares are expected to receive all excess dividend income after the Series 2 Preferred Share distributions and other expenses of the Company have been paid.<\/p>\n<p> In the past year, the downside protection available to the Series 2 Preferred Shares, although being volatile, has been gradually increasing, reaching approximately 67.7% as of February 16, 2017.<\/p>\n<\/blockquote>\n<p>ALB.PR.C is tracked by HIMIPref&trade; but relegated to the Scraps index on credit concerns.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>DBRS has announced that it: has today upgraded the rating on the Class B Preferred Shares, Series 2 (the Series 2 Preferred Shares) issued by Allbanc 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-48141","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48141","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=48141"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48141\/revisions"}],"predecessor-version":[{"id":48142,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48141\/revisions\/48142"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}