DBRS Upgrades AIC Global Financial Split Corp. to Pfd-2 (high)

Dominion Bond Rating Service (DBRS) has today upgraded the Preferred Share ratings of AIC Global Financial Split Corp form Pfd-2 to Pfd-2 (high).

The net asset value (NAV) has grown over 19% since inception to provide a current downside protection of 64.3%, compared with 54%, originally. DBRS notes that a potential rights offering (up to 25% of outstanding units) may create a dilution of the downside protection to 63.5%. The NAV has exhibited stability and growth due to the diversification of the Portfolio, the currency hedging program that is in place, in which 90% of the Portfolio is currently hedged back to Canadian dollars, and the strong credit quality of the Portfolio.

Note:
All figures are in Canadian dollars unless otherwise noted.