{"id":5774,"date":"2009-03-05T19:33:45","date_gmt":"2009-03-05T23:33:45","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=5774"},"modified":"2009-03-05T19:33:45","modified_gmt":"2009-03-05T23:33:45","slug":"dbrs-downgrades-six-more-splitshares","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=5774","title":{"rendered":"DBRS Downgrades Six More SplitShares"},"content":{"rendered":"

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

has today downgraded six ratings of structured Preferred Shares issued by various split share companies. 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 (the Preferred Shares) and capital shares (the Capital Shares). The Preferred Shares benefit from a stable dividend yield and downside protection on their principal via the net asset value (NAV) of the Capital Shares.<\/p>\n

Each of the Preferred Shares has experienced considerable declines in downside protection during the past few months amidst tremendous volatility in global equity markets. Due to these declines in downside protection, the previous ratings assigned to these companies are no longer appropriate. DBRS has today taken rating action on these six Preferred Shares ratings based on lower levels of downside protection being established from lower NAVs of the affected split share companies. Some of the Preferred Shares have been assigned Pfd-5 (low) ratings with a Negative trend because the NAVs of their respective split share companies must now appreciate considerably in order for the Preferred Shares to receive full principal at maturity.<\/p><\/blockquote>\n

Downgrades are:<\/p>\n

\n\n\n\n\n\n\n\n\n\n
DBRS Downgrades of 2009-3-5<\/td>\n<\/tr>\n
Ticker<\/td>\nOld
Rating<\/td>\n		Asset
Coverage<\/td>\n		Last
PrefBlog
Post<\/td>\n		HIMIPref™
Index<\/td>\n		New
Rating<\/td>\n<\/tr>\n
YLD.PR.A<\/td>\nPfd-5
11\/6<\/td>\n		0.7:1
2\/27<\/a><\/td>\n		Mass Downgrade<\/a><\/td>\nScraps<\/td>\nPfd-5(low)<\/td>\n<\/tr>\n
LFE.PR.A<\/td>\nPfd-2(low)<\/a><\/td>\n1.0+:1
2\/27<\/a><\/td>\n		Valuation<\/a><\/td>\nSplitShare<\/td>\nPfd-4<\/td>\n<\/tr>\n
DFN.PR.A<\/td>\nPfd-2<\/a><\/td>\n1.5-:1
2\/27<\/td>\n		Quadravest Begs for Calm<\/a><\/td>\nSplitShare<\/td>\nPfd-3<\/td>\n<\/tr>\n
SBN.PR.A<\/td>\nPfd-2(low)<\/td>\n1.6-:1
2\/28<\/a><\/td>\n		Issuer Bid<\/a><\/td>\nSplitShare<\/td>\nPfd-3<\/td>\n<\/tr>\n
SLS.PR.A<\/td>\nPfd-4(low)<\/td>\n0.8+:1
2\/26<\/td>\n		Mass Downgrade<\/a><\/td>\nNone<\/td>\nPfd-5(low)<\/td>\n<\/tr>\n
ASC.PR.A<\/td>\nPfd-5<\/a><\/td>\n0.6+:1
2\/27<\/td>\n		Mass Downgrade<\/a><\/td>\nScraps<\/td>\nPfd-5(low)<\/td>\n<\/tr>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

DBRS has announced: has today downgraded six ratings of structured Preferred Shares issued by various split share companies. Each of these split share companies has invested in a portfolio of securities (the Portfolio) funded by …<\/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-5774","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/5774","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=5774"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/5774\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}