DBRS Places TD Split Inc., 5Banc Split Inc. and Big 8 Split Inc. Under Review with Developing Implications

DBRS has today placed the following ratings Under Review with Developing Implications:

-- Class C Preferred Shares, Series 1 rated Pfd-2, issued by TD Split Inc.
-- Class C Preferred Shares, Series 1 rated Pfd-2, issued by 5Banc Split Inc.
-- Class D Preferred Shares, Series 1 rated Pfd-2 (low), issued by Big 8 Split Inc.

On August 22, 2014, shareholders of TD Split Inc., 5Banc Split Inc. and Big 8 Split Inc. (collectively, the Funds) approved the proposed change in the administrator and investment manager of the Funds to Timbercreek Asset Management Ltd. from TD Securities. The transaction closed and became effective on September 19, 2014.

The rating actions reflect the fact that DBRS takes into consideration the quality of investment manager and/or administrator of the portfolio. Due diligence must be conducted to determine whether the change will be material to the ratings of the Funds.

More information regarding the characteristics that DBRS considers in this process can be found in the applicable methodology.

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

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 applicable methodology is Rating Canadian Split Share Companies and Trusts, which can be found on our web site under Methodologies.