{"id":863,"date":"2007-05-22T15:34:32","date_gmt":"2007-05-22T19:34:32","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=863"},"modified":"2007-05-22T15:34:32","modified_gmt":"2007-05-22T19:34:32","slug":"dbrs-downgrades-weston-to-pfd-3high","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=863","title":{"rendered":"DBRS Downgrades Weston to Pfd-3(high)"},"content":{"rendered":"

Following the S&P downgrade<\/a>, the DBRS downgrade of Loblaw<\/a> and the Weston Credit Watch Negative by DBRS<\/a>, DBRS<\/a> has announced that it:<\/p>\n

\n

today downgraded the long-term ratings of George Weston Limited (Weston or the Company). The Notes and Debentures have been downgraded to BBB (high), the Exchangeable Debentures to BBB and the Preferred Shares to Pfd-3 (high), all with a Stable trend. At the same time, DBRS has confirmed the short-term rating of Weston at R-1 (low), but revised the trend to Negative.<\/p>\n

…<\/p>\n

Although management of Loblaw and Weston are separate, and there is no cross-default or cross collateralization covenants on the respective debt, Weston\u2019s ratings reflect the investment in Loblaw, as it is a significant portion of the group\u2019s consolidated operations. Weston\u2019s long-term rating has historically been notched lower to reflect Weston\u2019s own financial profile and the implicit structural subordination, given Loblaw\u2019s minority public float.<\/p>\n

Weston\u2019s rating also reflects the underlying, albeit lower, credit rating of the bakery business. For the past few years, the bakery operations have stabilized\/improved enough to limit further declines in the long-term rating, leading to the Stable trend. As such, any further deterioration in Loblaw\u2019s long-term rating would not necessarily affect the long-term rating of Weston \u2013 i.e., ratings could potentially be the same.<\/p>\n<\/blockquote>\n

Weston has the following preferred issues trading on the TSX: WN.PR.A WN.PR.B WN.PR.C WN.PR.D & WN.PR.E. All except WN.PR.B are fixed-rate perpetual; WN.PR.B is retractible.\n<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Following the S&P downgrade, the DBRS downgrade of Loblaw and the Weston Credit Watch Negative by DBRS, DBRS has announced that it: today downgraded the long-term ratings of George Weston Limited (Weston or the Company). …<\/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-863","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/863","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=863"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/863\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=863"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=863"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=863"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}