Global Credit Pref Corp

April 23, 2007 17:26 ET

Global Credit Pref Corp.- P-3 Rating

TORONTO, ONTARIO--(CCNMatthews - April 23, 2007) - Standard & Poor's Ratings Services lowered the rating of Global Credit Pref Corp.'s (TSX:GPA.PR.A) preferred shares today to P-3 and removed them from CreditWatch negative. The rating on the preferred shares of Global Credit Pref Corp. mirrors the lowering of the rating on a fixed-rate static portfolio credit linked note issued by The Toronto-Dominion Bank to BB (the "Credit Linked Note").

The Company has exposure to the Credit Linked Note issued by The Toronto-Dominion Bank and held by Global Credit Trust, the return on which is linked to the credit performance of 127 reference entities (the "CLN Portfolio").

The return on the Credit Linked Note is linked to the number of defaults experienced over its term among the reference entities in the CLN Portfolio. There has been one default in the CLN Portfolio to date.

The preferred shares are listed for trading on the Toronto Stock Exchange under the symbol GPA.PR.A.

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