DBRS confirms Faircourt preferreds at pfd-3 (low)

DBRS said it confirmed the rating of pfd-3 (low) on the 6.25% preferred securities issued by Faircourt Split Trust.

The main constraints to the rating are the trust's dependence on the value and dividend policies of the securities in the investment portfolio and the reliance on the manager to generate a high yield on the investment portfolio to meet distributions and other trust expenses without having to liquidate portfolio securities, according to the agency.

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