Moody's rates Gabelli preferreds Aa3

Moody's Investors Service said it assigned an Aa3 rating to the $150 million of series K preferred shares issued by the Gabelli Dividend & Income Trust (GDV). Concurrently, Moody's affirmed the Aa3 ratings on GDV's outstanding preferred shares.

The use of proceeds is expected to include the full or partial repayment of GDV's $100 million of 5.25% series G preferred shares.

Fitch rates Great-West preferreds BBB+

Fitch Ratings said it assigned a BBB+ rating to Great-West Lifeco Inc.'s (GWO) series Y, 4.5% non-cumulative first preferred shares.

“The rating for the preferred shares is equivalent to the rating on GWO's existing preferred shares. Under Fitch's hybrid methodology, GWO's non-cumulative preferred shares receive 100% equity credit. The issuance is rated three notches below GWO's A+ long-term issuer default rating, which reflects two notches for Fitch's assumption of ‘poor’ recovery prospects in the event of default, given the level of subordination and one notch for ‘minimal’ nonperformance risk.

The proceeds, forecasted to be C$200 million, are expected to be used for general corporate purposes.

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