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DBRS Says Great-West Lifeco's Plan to Sell Putnam Investments to Franklin Templeton Doe.
Holders of AT1 bonds these massive losses are illegal, but experts like Elisabeth Rudman, global head of financial institutions at DBRS Morningstar stated the losses should not come as a surprise.
Source: https://www.moneysense.ca/save/investing/making-sense-of-the-markets-this-week-march-26-2023/
S&P Global, DBRS and Fitch all left their ratings and outlooks unchanged.
The United States was put on review for a downgrade by credit rating agency DBRS Morningstar on Thursday over Washington's debt ceiling haggling, shortly after a similar warning from Fitch.