GPA.PR.A Downgraded to P-4(high) by S&P

S&P has tersely noted that it has:

lowered its ratings on Global Credit Pref. Corp.’s preferred shares and removed them from CreditWatch with negative implications, where they were placed Jan. 16, 2008
…
The lowering of the ratings mirrors the lowering of the rating on the credit-linked note to which the preferred shares are linked.

The rating had previously been P-3(low)/Watch Negative.

The sponsor’s website notes:

Global Credit Pref Corp. is a mutual fund corporation that will issue 10-year redeemable, retractable cumulative preferred shares. The Preferred Shares have been assigned a preliminary rating of P-1 (Low) by Standard & Poor’s

Par value is $25.00. The sponsor claims that the NAVPS is $13.70. They closed on the TSX today at 9.80-50, 17×10. Ouch!

There are 1.6+ million shares outstanding. GPA.PR.A is not tracked by HIMIPref™.