TORONTO, Sept. 25 /CNW/ - Connor, Clark & Lunn ROC Pref Corp. ("CC&L
ROC") announces that Standard & Poor's ("S&P") placed its ratings on CC&L
ROC's Preferred Shares on CreditWatch with negative implications. S&P expects
to resolve the CreditWatch placement within a period of 90 days and update its
opinion. The Preferred Shares are currently rated P-2 (high).
The move comes as a result of the Lehman Brothers Holdings Inc. credit
event announced on September 15, 2008 as well as several downgrades of
companies held in the Reference Portfolio as a consequence of the ongoing
extremely difficult conditions facing the United States financial system.
Connor, Clark & Lunn ROC Pref Corp.'s Preferred Shares pay a fixed
quarterly coupon of 4.7% on their $25.00 principal value and will mature on
June 30, 2011. The Standard & Poor's rating addresses the likelihood of full
payment of interest and payment of $25.00 principal value per Preferred Share
on the maturity date.
The Preferred Shares are listed for trading on the Toronto Stock Exchange
under the symbol RPQ.PR.A.
For further information:
For further information: please visit www.cclcapitalmarkets.com or
contact: Neil Murdoch, President & CEO, Connor, Clark & Lunn Capital Markets
Inc., (416) 364-2839, firstname.lastname@example.org; or Darren Cabral, Vice-President,
Connor, Clark & Lunn Capital Markets Inc., (416) 214-6182 or 1-888-276-2258,