Flaherty & Crumrine Investment Grade Preferred Fund

Flaherty & Crumrine Investment Grade Preferred Fund

February 03, 2006 16:31 ET

Standard & Poor's Upgrades Rating On Flaherty & Crumrine Investment Grade Preferred Fund

TORONTO, ONTARIO--(CCNMatthews - Feb. 3, 2006) - Flaherty & Crumrine Investment Grade Preferred Fund (TSX:FAC.UN) is pleased to announce that Standard & Poor's has announced a ratings increase from P-2(low)f to P-2f.

The upgrade is based on the strength of the fund's portfolio manager, Flaherty & Crumrine Incorporated, its experienced credit team and the high quality of its credit risk management process and analysis. Flaherty & Crumrine is an independently owned U.S. registered investment advisor headquartered in Pasadena, California with a credit research office located in Summit, New Jersey. Since its inception in 1983, Flaherty & Crumrine has focused solely on applying fundamental credit analysis and research to managing preferred and hybrid preferred securities for its closed-end funds and institutional accounts.

The Fund invests in an actively managed portfolio consisting primarily of hybrid preferred securities. All of the securities purchased by the Fund are rated investment grade at the time of investment. The Fund seeks to provide unitholders with a stable stream of monthly distributions, currently $1.75 per unit per annum, and employs hedging strategies designed to mitigate the impact of significant rapid increases in long term U.S. interest rates on the value of the preferred portfolio.

For further information, please contact your financial advisor, call our investor relations line at 416-642-9051, toll-free at 1-866-642-6001 or visit our website at www.bromptongroup.com.

Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the Fund's publicly filed documents which are available from SEDAR at www.sedar.com . Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

Contact Information

  • Brompton Preferred Management Limited
    David E. Roode
    Senior Vice-President
    (416) 642-6008