DBRS drops Prime preferreds

DBRS said it has downgraded the rating of the preferred shares issued by Prime Dividend Corp. to Pfd-3 from Pfd-3 (high).

In November 2005, the company issued 2.2 million preferred shares and an equal number of class A shares, the agency said.

The redemption date for both classes of shares issued was originally Dec. 1, but was extended to Dec. 1, 2018 after holders of 96.1% of class A shares and 90.2% of preferred shares voted in favor of the extension, the agency added.

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