DBRS Releases Reports on Superior Plus Income Fund/Superior Plus LP

DBRS has today released reports on Superior Plus Income Fund (the Fund) and Superior Plus LP (Superior) which provide further detail on the recent confirmation of ratings related to each entity.

On April 26, 2007, DBRS confirmed the Senior Secured Notes rating of Superior at BBB (low) with a Stable trend, and the stability rating of the Fund at STA-3 (low). The confirmations removed the ratings from Under Review with Negative Implications where they were placed on April 24, 2006, following the announcement that the Fund (which wholly owns Superior) would cut its distributions by 30% to $1.56 per unit (from $2.22) on an annualized basis. The Fund also announced that it would initiate a comprehensive strategic review process to enhance shareholder value.

The confirmations reflected the successful execution of the strategic review goals, including significant debt reduction in late 2006 from the sale proceeds ($354.7 million) related to one of its business segments and implementation of more conservative financial policies, including lower debt-to-EBITDA and payout ratio targets. The Fund will continue to operate as a diversified trust while focusing on its existing businesses.

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

To obtain a copy of the full reports or the April 26, 2007, press release, please click on the link below or contact us at info@dbrs.com.