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DBRS confirms ECN Capital
DBRS said it confirmed the BBB (low) long-term issuer rating and Pfd-3 (low) preferred shares rating of ECN Capital Corp. following the company’s announcement that it agreed to make a strategic investment in the Kessler Group for about $221.2 million in cash.
The transaction is subject to customary closing conditions and is expected to close in the second quarter.
The trend on all ratings is stable.
DBRS said the confirmation considers the benefits to ECN’s franchise, earnings and risk profile that are expected from the strategic investment in the group.
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