DBRS Discontinues Rating on Partners Value Split Corp. Class AA Preferred Shares, Series 4

DBRS has today discontinued the rating on the Class AA Preferred Shares, Series 4 (the Series 4 Preferred Shares) issued by Partners Value Split Corp. (formerly BAM Split Corp.), as they were fully repaid on July 9, 2014. Net proceeds from the issuance of the Class AA Preferred Shares, Series 6 on July 4, 2014, were used to fund the redemption of the Series 4 Preferred Shares (approximately $125 million) and to pay a special dividend to holders of the Company’s Capital Shares.

The redemption of the Series 4 Preferred Shares is expected to result in an increase to the downside protection available to all other series of Class AA Preferred Shares to approximately 77.1%, up from 74.1% (based on closing prices of the Class A Limited Voting Shares of Brookfield Asset Management, as of July 4, 2014).

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

The applicable methodology is Rating Canadian Split Share Companies and Trusts (July 2013), which can be found on our website under Methodologies.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

The full report providing additional analytical detail is available by clicking on the link under Related Research at the right of the screen, or by contacting us at info@dbrs.com.