CCS: DBRS Upgrades to Pfd-3(high)

Dominion Bond Rating Service has announced it has:

upgraded its rating on the Non-Cumulative Preference Shares of the Co-operators General Insurance Company (Co-op General or the Company) to Pfd-3 (high) from Pfd-3. The trend on the rating remains Stable. The upgrade reflects an updated review of the Company’s strategic market position relative to its peer group in the Canadian property and casualty (P&C) insurance industry.

CCS has two issues of preferreds outstanding: CCS.PR.C (PerpetualDiscount) and CCS.PR.D (FixedReset). Both are tracked by HIMIPref™; both are relegated to the Scraps index on credit concerns. The latter issue has just been dropped from TXPR after being added in July 2009. Love that churning!

S&P maintains its rating at P-2(low).

One Response to “CCS: DBRS Upgrades to Pfd-3(high)”

  1. […] rates the preferreds at P-2(low). The company was upgraded to Pfd-3(high) by DBRS in […]

Leave a Reply

You must be logged in to post a comment.