DBRS: R Split preferreds Pfd-2 (low)

DBRS said it assigned a rating of Pfd-2 (low) to R Split Corp. III's class B preferred shares, series 1.

DBRS also discontinued the rating on the company's class A preferred shares, which have been repaid.

R Split used the net proceeds from the class B preferred issuance to purchase common shares of Royal Bank of Canada.

The Pfd-2 (low) rating is based primarily on the downside protection and dividend coverage available, as well as on the strong credit quality and consistency of dividend distributions of RBC, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.