Polarization properties of a magneto-photonic layered structure are studied at frequencies close to the frequency of ferromagnetic resonance. The investigations are carried out taking into account a large value of dissipative losses in biased ferrite layers in this frequency band. The method is based on analysis of solution stability of an ordinary differential equation system regarding the field inside a periodic stack of dielectric and ferrite layers. The electromagnetic properties of the structure are ascertained by analysis of the eigenvalues of the transfer matrix of the structure period. The frequency boundaries of the stopbands and passbands of the eigenwaves are determined. The frequency and angular dependences of the reflection and transmission coefficients of the stack are presented. Frequency dependences of a polarization rotation angle and ellipticity of the reflected and transmitted fields are analyzed. An enhancement of polarization rotation due to the periodic stack is mentioned, in comparison with the rotation due to some effective ferrite slab.