DBRS applies A (low) to RBC preferreds

DBRS said it assigned a rating of A (low) with a stable trend to Royal Bank of Canada’s (RBC) 5.5% series C-2 non-cumulative perpetual first preferred shares and 6.75% series C-2 fixed-rate/floating-rate noncumulative perpetual first preferred shares.

RBC has closed its acquisition of City National Corp. and will issue $275 million of RBC first preferred shares in exchange for all outstanding shares of City National’s preferred stock. RBC will issue $175 million of series C-1 preferred shares, and $100 million of series C-2 preferred shares.

These new shares rank pari passu with all existing preferred shares of the bank, DBRS said.

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