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Ratings


Dec. 15, 2014
 

Fitch Rates Tortoise Pipeline & Energy Fund Notes 'AAA' & Pfd at 'AA' 

Fitch Ratings-New York-15 December 2014: Fitch Ratings assigns 'AAA' ratings to the following senior unsecured notes (the notes) issued by Tortoise Pipeline & Energy Fund (NYSE MKT: TTP):
--$10,000,000 of series E floating rate senior unsecured notes due Dec. 12, 2019;
Dec. 05, 2014
 

Fitch Confirms Invesco Muni Funds VMTP Shares after Maturity Extensions

Fitch Ratings-New York-05 December 2014: Fitch Ratings confirms the 'AAA' long-term ratings of Variable Rate Muni Term Preferred Shares
(VMTP shares) issued by seven municipal closed-end funds (CEFs) managed by Invesco Advisers, Inc. (NYSE:IVZ) following amendments to the funds' operating documents extending maturities from June 2015 to December 2017.
Dec. 01, 2014
 

Fitch Affirms Madison Arbor LLC Senior Notes at 'AAA'

Fitch Ratings-New York-01 December 2014: Fitch affirms the following notes issued by Madison Arbor Limited (Madison Arbor) 'AAA':
--Series A senior notes with a maturity of Dec. 17, 2018 (notes).
Nov. 10, 2014
 

Fitch Rates & Affirms Nuveen Muni CEF Preferred Shares on Reorganization

Fitch Ratings-New York-10 November 2014: Fitch Ratings has affirmed and assigned the following ratings to the Variable Rate Demand Preferred Shares (VRDP Shares) and MuniFund Term Preferred Shares (MTP Shares) issued by Nuveen New Jersey Dividend Advantage Municipal Fund (NXJ).
Oct. 31, 2014
 

Fitch Affirms Dreyfus Municipal Bond Infrastructure Fund, Inc. VMTP Shares at 'AAA' 

Fitch Ratings-New York-31 October 2014: Fitch Ratings has affirmed the ratings assigned to the following Variable Rate MuniTerm Preferred Shares (VMTP Shares) issued by Dreyfus Municipal Bond Infrastructure Fund, Inc. (NYSE: DMB), a closed-end fund managed by The Dreyfus Corporation (Dreyfus) and sub-advised by Standish Mellon Asset Management Company LLC (Standish):
--$75,000,000 of Series W-7 VMTP Shares with a term redemption date of July 27, 2018 at 'AAA'.
Oct. 30, 2014
 

Fitch Rates New Kayne Anderson Fund Notes 'AAA'& Pfd 'AA'; Affirms Existing Ratings

Fitch Ratings-New York-30 October 2014: Fitch Ratings assigns an 'AAA' rating to the following senior unsecured notes and an 'AA' to mandatory redeemable preferred shares (MRPS) issued by Kayne Anderson MLP Investment Company (NYSE: KYN), a non-diversified closed-end fund managed by KA Fund Advisors, LLC:
--$50,000,000 2.89% Series LL Senior Unsecured Notes, due Oct. 29, 2020;
--$40,000,000 3.26% Series MM Senior Unsecured Notes, due Oct. 29, 2022;
Oct. 21, 2014
 

Fitch Affirms Preferred Shares of Delaware Investments

Fitch Ratings-New York-21 October 2014: Fitch Ratings affirms the 'AAA' long-term ratings assigned to the Variable Rate MuniFund Term Preferred Shares (VMTP Shares) issued by the following three municipal closed end funds managed by Delaware Management Company (DMC), a series of Delaware Management Business Trust.
Oct. 20, 2014
 

Fitch Affirms Invesco Senior Income Trust VRTP Shares at 'AAA'

Fitch Ratings-Chicago-20 October 2014: Fitch Ratings affirms the 'AAA' ratings of the Variable Rate Term Preferred Shares (VRTP Shares) issued by Invesco Senior Income Trust (NYSE:VVR), a closed-end fund managed by Invesco Advisers, Inc.:
--$125,000,000 of VRTP shares, due November 2015, with a liquidation preference of $100,000 per share in series C-1, C-2, C-3, C-4 and L-1.
Oct. 10, 2014
 

Fitch Rates Tortoise Energy Infrastructure Pfd at 'AA'; Affirms Existing Ratings

Fitch Ratings-New York-10 October 2014: Fitch Ratings assigns 'AA' ratings to the following mandatory redeemable preferred shares (MRPS) issued by Tortoise Energy Infrastructure Corp (NYSE MKT: TYG):

--$85 million Series D MRPS 4.01% fixed rate, due Dec. 17, 2021;
--$80 million Series E MRPS 4.34% fixed rate, due Dec. 17, 2024;


Oct. 08, 2014
 

Fitch Rates New Kayne Anderson Fund Notes 'AAA'; Affirms Existing Ratings

Fitch Ratings-New York-08 October 2014: Fitch Ratings assigns an 'AAA' rating to $70 million of series M 3.36% senior unsecured notes (notes) due on Oct. 7, 2021 issued by Kayne Anderson Energy Total Return Fund, Inc. (NYSE: KYE), a non-diversified closed-end fund managed by KA Fund Advisors, LLC.
Oct. 06, 2014
 

Fitch Rates & Affirms Nuveen Muni CEF Preferred Shares on Merger

Fitch Ratings-New York-06 October 2014: Fitch Ratings has affirmed and assigned the following ratings to the Variable Rate Demand Preferred Shares (VRDP Shares) issued by Nuveen Investment Quality Municipal Fund, Inc. (NQM), and the Variable Rate MuniFund Term Preferred Shares (VMTP Shares) issued by NQM and Nuveen Minnesota Municipal Income Fund (NMS).
Sep. 18, 2014
 

Fitch Affirms FMTP Issued by MainStay DefinedTerm Municipal Opportunities Fund 'AAA' 

Fitch Ratings-New York-18 September 2014: Fitch Ratings affirms the current 'AAA' long-term ratings of Fixed Rate Municipal Term Preferred (FMTP) shares issued by MainStay DefinedTerm Municipal Opportunities Fund (MMD), a closed-end fund managed by New York Life Investment Management LLC (NYLIM) and sub-advised by MacKay Shields LLC (MacKay Shields):
Sep. 18, 2014
 

Fitch Affirms Neuberger Berman Real Estate Securities Income Fund Preferred Stock at 'AA'

Fitch Ratings-New York-18 September 2014: Fitch Ratings has affirmed the 'AA' rating assigned to the mandatory redeemable preferred stock (MRPS) issued by Neuberger Berman Real Estate Securities Income Fund Inc. (NYSE MKT: NRO) a closed-end fund advised by Neuberger Berman Management LLC (Advisor):
Sep. 15, 2014
 

Fitch Affirms Neuberger Berman High Yield Strategies Fund Notes and Preferred Shares

Fitch Ratings-New York-15 September 2014: Fitch Ratings has affirmed the ratings for the following notes and preferred stock issued by Neuberger Berman High Yield Strategies Fund Inc. (NYSE: NHS), a non-diversified, closed-end fund advised by Neuberger Berman Management LLC (Advisor):
Sep. 09, 2014
 

Fitch Rates New Tortoise Notes 'AAA'; Affirms Existing Ratings

Fitch Ratings-New York-09 September 2014: Fitch Ratings assigns 'AAA' ratings to the following notes issued by two closed-end funds managed by Tortoise Capital Advisors, LLC.:

Tortoise Energy Infrastructure Corp (NYSE MKT: TYG)


Aug. 29, 2014
 

Fitch Confirms Ratings of VRDP Shares Issued by Nuveen Fund on Replacement of Liquidity Provider

Fitch Ratings-New York-29 August 2014: Fitch Ratings confirms the 'AAA/F1+' ratings assigned to the Series 2 Variable Rate Demand Preferred Shares (VRDP shares) issued by Nuveen Dividend Advantage Municipal Fund 2 (NXZ), a municipal closed-end fund (CEF). The fund is managed by Nuveen Fund Advisors, LLC (NFA) and subadvised by Nuveen Asset Management, LLC (NAM).
Aug. 29, 2014
 

Fitch Confirms VRTP Shares of Two Invesco Funds Following Maturity Extensions 

Fitch Ratings-Chicago-29 August 2014: Fitch Ratings confirms the 'AAA' long-term ratings of Variable Rate Term Preferred Shares (VRTP shares) issued by two senior loan closed-end funds (CEFs) managed by Invesco Advisers, Inc. (NYSE:IVZ) following amendments to extend maturities of each fund's VRTP shares by one year.
Aug. 27, 2014
 

Fitch Affirms Invesco Dynamic Credit Opportunities Fund VRTP Shares at 'AAA'

Fitch Ratings-New York-27 August 2014: Fitch Ratings affirms the 'AAA' ratings of the Variable Rate Term Preferred Shares (VRTP Shares) issued by Invesco Dynamic Credit Opportunities Fund (NYSE:VTA), a closed-end fund managed by Invesco Advisers, Inc.:

--$125,000,000 of VRTP shares, due September 2016, with a liquidation preference of $100,000 per share potentially issued in series C-1, C-2, C-3, C-4 and L-1.


Aug. 27, 2014
 

Fitch Affirms Western Asset Premier Bond Fund's $72MM Pfd Shares at 'A

Fitch Ratings-New York-27 August 2014: Fitch Ratings has affirmed the 'A' rating assigned to the following auction market preferred shares (AMPS) that remain outstanding by Western Asset Premier Bond Fund (NYSE: WEA), a closed-end fund managed by Western Asset Management Company:

--$200,000 of AMPS, series M, consisting of eight shares, with a liquidation preference of $25,000 per share, to be redeemed September 26, 2014;


Aug. 21, 2014
 

Fitch Affirms Tortoise Pipeline & Energy Fund Notes at 'AAA' & Pfd at 'AA'

Fitch Ratings-New York-21 August 2014: Fitch Ratings has affirmed the following ratings assigned to the senior unsecured notes and mandatory redeemable preferred shares (MRPS) issued by Tortoise Pipeline & Energy Fund (NYSE MKT: TTP)

--$10,000,000 of series A senior unsecured notes due in December 2016 at 'AAA';
--$17,000,000 of series B senior unsecured notes due in December 2014 at 'AAA';


Aug. 20, 2014
 

Fitch Affirms DTF Tax-Free Income Inc. VMTP Shares at 'AAA' 

Fitch Ratings-Chicago-20 August 2014: Fitch Ratings affirms the 'AAA' ratings of the Variable Rate MuniFund Term Preferred Shares (VMTP Shares) issued by DTF Tax-Free Income Inc. (NYSE: DTF), a closed-end fund managed by Duff & Phelps Investment Management Co. (DPIM):
Aug. 20, 2014
 

Fitch Affirms Franklin Universal Trust Notes at 'AAA'

Fitch Ratings-New York-27 August 2014: Fitch Ratings has affirmed the 'AAA' rating assigned to the following notes issued by Franklin Universal Trust (NYSE: FT), a leveraged multi-sector closed-end fund advised by Franklin Advisers, Inc. (Franklin):

--$60,000,000 of 2.87% senior notes, due Aug. 28, 2018.


Aug. 06, 2014
 

Fitch Affirms Notes Issued by 12 UBS Puerto Rico Funds

Fitch Ratings-New York-06 August 2014: Fitch Ratings has reviewed and affirmed the short-and medium-term notes series issued by 12 Puerto Rico (PR) closed-end funds (CEFs) advised by UBS Asset Managers (Puerto Rico). A complete list of CEFs and rating actions follows at the end of this release.
Aug. 06, 2014
 

Fitch Affirms Notes Issued by 7 UBS/Banco Popular Puerto Rico Funds

Fitch Ratings-New York-06 August 2014: Fitch Ratings has reviewed and affirmed the ratings assigned to Short-Term Notes series and Medium-Term Notes series issued by seven Puerto Rico (PR) closed-end funds (CEFs) co-advised by Popular Asset Management and UBS Asset Managers (Puerto Rico). A complete list of rating actions follows at the end of this release.
Aug. 01, 2014
 

Fitch Affirms Blackstone/GSO Sr. Floating Rate Term Fund Sr. Notes & Preferred Shares at 'AAA'

Fitch Ratings-New York-01 August 2014: Fitch Ratings affirms the 'AAA' ratings assigned to the following senior notes and preferred shares issued by Blackstone/GSO Senior Floating Rate Term Fund, a leveraged-loan closed-end fund managed by GSO/Blackstone Debt Funds Management LLC (GSO/Blackstone):

--$96,000,000 series A floating rate senior secured notes;
--$48,000,000 series A floating rate cumulative term preferred shares.


Jul. 09, 2014
 

Fitch Rates Pfd Shares of Three Neuberger Berman Muni Funds 'AA'

Fitch Ratings-Chicago-09 July 2014: Fitch Ratings assigns an 'AAA' rating to the following new series of mandatory redeemable preferred stock (MRPS) issued by DNP Select Income Fund Inc. (NYSE Amex: DNP), a non-diversified closed-end fund managed by Duff & Phelps Investment Management Co. (DPIM):
Jul. 02, 2014
 

Fitch Rates Pfd Shares of Three Neuberger Berman Muni Funds 'AA'

Fitch Ratings-New York-02 July 2014: Fitch Ratings assigns new ratings to the following Variable Rate Municipal Term Preferred Shares (VMTP shares) issued by three closed-end funds managed by Neuberger Berman Management LLC (the Advisor):
Jul. 01, 2014
 

Fitch Rates Nuveen Muni CEF Preferred Shares

Fitch Ratings-New York-01 July 2014: Fitch Ratings takes the following rating actions on the Variable Rate MuniFund Term Preferred Shares (VMTP Shares) issued by Nuveen Massachusetts Premium Income Municipal Fund (NYSE: NMT) in connection with the refinancing described below:
Jun. 27, 2014
 

Fitch Affirms Aberdeen Asia-Pacific Income Fund Notes at 'AAA' and MRPS at 'AA'

Fitch Ratings-New York-27 June 2014: Fitch Ratings has affirmed the 'AAA' ratings assigned to the senior secured notes (Notes) and 'AA' ratings assigned to the mandatory redeemable preferred shares (MRPS) issued by Aberdeen Asia-Pacific Income Fund, Inc. (NYSE MKT: FAX).
Jun. 23, 2014
 

Fitch Rates Jay Street Market Value CLO Senior Notes 'BBB(sf)' 

Fitch Ratings-New York-23 June 2014: Fitch Ratings assigns the following rating to senior secured notes issued by co-issuers Jay Street Market Value CLO I LTD. and Jay Street Market Value CLO I Inc. 'BBB(sf)':

--Class A variable funding notes, due 2016 in an amount up to $210,000,000.


Jun. 23, 2014
 

Fitch Takes Rating Action on Tortoise Fund Notes and Pfd Following Merger

Fitch Ratings-New York-23 June 2014: Fitch Ratings assigns 'AAA' and 'AA' ratings to $179.4 million of new senior unsecured notes (senior notes) and $50 million of new mandatory redeemable preferred shares (MRPS), respectively, issued by Tortoise Energy Infrastructure Corp (NYSE: TYG) in connection with a fund reorganization completed today.
Jun. 23, 2014
 

Fitch Affirms Gabelli Fund Auction Pfd Ratings at 'AA' Following Spin-Off 

Fitch Ratings-New York-23 June 2014: Fitch Ratings has affirmed the 'AA' ratings assigned to $319.5 million of auction preferred shares issued by Gabelli Dividend & Income Trust (NYSE: GDV) following a spin-off transaction that was completed on June 23, 2014. Fitch concurrently affirms the 'AA' ratings assigned to $137.5 million in aggregate auction preferred shares outstanding by the three other Gabelli equity closed-end funds listed below. All funds are managed by Gabelli Funds, LLC as investment adviser.
Jun. 19, 2014
 

Fitch Affirms Preferred Shares Issued by Two Federated Municipal Funds at 'AAA'

Fitch Ratings-Chicago-19 June 2014: Fitch Ratings has affirmed the 'AAA' ratings on the Variable Rate Municipal Term Preferred Shares (VMTP Shares) and auction market preferred shares (AMPS) issued by Federated Premier Municipal Income Fund (NYSE:FMN) and Federated Premier Intermediate Municipal Income Fund (NYSE:FPT) as follows:
Jun. 16, 2014
 

Fitch Affirms ARPS & VMTP Shares Issued by 5 MFS Investment Mgmt Muni Closed-End Funds at 'AAA'

Fitch Ratings-New York-16 June 2014: Fitch Ratings affirms the 'AAA' long-term ratings assigned to the following Municipal Auction Rate Cumulative Preferred shares (ARPS) and Variable Rate MuniFund Term Preferred Shares (VMTP shares) issued by five closed-end funds managed by MFS Investment Management:
Jun. 10, 2014
 

Fitch Assigns Stone Tower Credit Funding I Ltd. 'BBB(sf)'

Fitch Ratings-New York-10 June 2014: Fitch Ratings assigns the following senior secured notes (notes) issued by Stone Tower Credit Funding I Ltd. (Stone Tower) at 'BBB(sf)':
Jun. 09, 2014
 

Fitch Rates & Affirms Nuveen Muni CEF Preferred Shares on Merger

Fitch Ratings-New York-09 June 2014: Fitch Ratings has affirmed and assigned ratings as noted at the end of this press release to the MuniFund Term Preferred Shares (MTP Shares) issued by Nuveen Massachusetts Premium Income Municipal Fund (NMT), the Variable Rate Demand Preferred Shares (VRDP Shares) issued by Nuveen California Dividend Advantage Municipal Fund (NAC), and the VRDP Shares and MTP Shares issued by Nuveen California AMT-Free Municipal Income Fund (NKX). The rating actions are taken in connection with the fund reorganizations described below.
Jun. 03, 2014
 

Fitch Rates Nuveen Muni CEF Preferred Shares

Fitch Ratings-New York-03 June 2014: Fitch Ratings takes the following rating actions on the Variable Rate MuniFund Term Preferred Shares (VMTP Shares) issued by two Nuveen closed-end municipal funds in connection with the refinancing described below:
May. 20, 2014
 

Fitch Rates & Affirms the Ratings for Nuveen Muni CEF Preferred Shares

Fitch Ratings-New York-20 May 2014: Fitch Ratings takes the following rating actions on the Variable Rate MuniFund Term Preferred Shares (VMTP Shares) and the Variable Rate Demand Preferred Shares (VRDP Shares) issued by three Nuveen closed-end municipal funds in connection with the refinancing described below:
May. 09, 2014
 

Fitch Affirms VMTP Shares Issued by 9 Invesco Closed-End Funds at 'AAA'

Fitch Ratings-Chicago-09 May 2014: Fitch Ratings has affirmed the 'AAA' ratings on almost $2 billion of Variable Rate Muni Term Preferred Shares (VMTP Shares) issued by nine municipal closed-end funds managed by Invesco Advisers, Inc. (NYSE:IVZ, Invesco). A complete list of the funds and the associated VMTP Shares is provided at the end of this release.
May. 05, 2014
 

Fitch Affirms VRDP, VMTP, and RVMTP Shares Issued by 49 BlackRock Closed-End Funds 

Fitch Ratings-New York-05 May 2014: Fitch Ratings affirms the 'AAA' long-term ratings assigned to aggregate $6.3 billion of Variable Rate Demand Preferred Shares (VRDP shares), Variable Rate Muni Term Preferred Shares (VMTP shares), and Remarketable Variable Rate Muni Term Preferred Shares (RVMTP shares) issued across 49 closed-end funds managed by BlackRock Advisors, LLC.
May. 02, 2014
 

Fitch Rates Clearbridge Energy MLP Fund Inc. Senior Notes 'AAA'; Affirms Existing Ratings 

Fitch Ratings-New York-02 May 2014: Fitch Ratings assigns an 'AAA' rating to the following series of senior secured notes (Notes) issued by Clearbridge Energy MLP Fund Inc. (NYSE: CEM), a non-diversified, closed-end fund advised by Legg Mason Partners Fund Advisor, LLC (LMPFA) and sub-advised by ClearBridge Investments, LLC. Fitch also affirms ratings on the fund's existing Notes as listed at the bottom of this press release.
Apr. 23, 2014
 

Fitch Affirms Preferred Shares Issued by 3 First American Closed-End Funds 

Fitch Ratings-New York-23 April 2014: Fitch Ratings affirms all long-term ratings assigned to Variable Rate MuniFund Term Preferred Shares (VMTP shares) issued by three closed-end funds managed by U.S. Bancorp Asset Management, Inc. (USBAM) and subadvised by Nuveen Fund Advisors, LLC (NFA) and Nuveen Asset Management LLC (NAM).
Apr. 23, 2014
 

Fitch Affirms Preferred Shares Issued by 52 Nuveen Closed-End Funds 

Fitch Ratings-New York-23 April 2014: Fitch Ratings affirms all long-term ratings assigned to Variable Rate Demand Preferred Shares (VRDP shares), MuniFund Term Preferred Shares (MTP shares), Institutional MuniFund Term Preferred Shares (i-MTP shares) and Variable Rate MuniFund Term Preferred Shares (VMTP shares) issued by 49 municipal closed-end funds managed by Nuveen Fund Advisors, LLC (NFA) and subadvised by Nuveen Asset Management, LLC (NAM). Fitch Ratings also affirms all long-term ratings assigned to Variable Rate Term Preferred Shares (VRTP Shares) issued by 3 loan closed-end funds managed by NFA and subadvised by Symphony Asset Management, LLC (Symphony).
Apr. 17, 2014
 

Fitch Affirms L-T and Withdraws S-T Ratings on VRDP Shares of 5 BlackRock Muni Closed-End Funds

Fitch Ratings-New York-17 April 2014: Fitch Ratings has affirmed the 'AAA' long-term ratings and withdrawn the 'F1' short-term ratings assigned to Variable Rate Demand Preferred Shares (VRDP Shares) issued by five municipal closed-end funds managed by BlackRock Advisors, LLC (the Funds) and listed below.
Apr. 11, 2014
 

Fitch Affirms Kayne Anderson Funds' Notes at 'AAA' & MRPS at 'AA'

Fitch Ratings-New York-11 April 2014: Fitch Ratings has affirmed the 'AAA' ratings assigned to the senior unsecured notes and 'AA' ratings assigned to the mandatory redeemable preferred shares (MRPS) issued by the following closed-end funds managed by KA Fund Advisors, LLC. A complete list of rated notes and MRPS follows at the end of this press release.
Apr. 01, 2014
 

Fitch Rates Preferred Shares Issued by Three First American Closed End Funds

Fitch Ratings-New York-01 April 2014: Fitch Ratings has assigned 'AAA' long-term ratings to three series of Variable Rate MuniFund Term Preferred Shares (VMTP Shares) issued by three separate First American municipal closed-end funds in connection with the refinancings described below. The investment advisor for the three funds is U.S. Bancorp Asset Management, Inc. (USBAM) and the funds are subadvised by Nuveen Fund Advisors, LLC (NFA) and Nuveen Asset Management, LLC (NAM).
Apr. 01, 2014
 

Fitch Rates Preferred Shares Issued by Nuveen Closed-End Funds 

Fitch Ratings-New York-01 April 2014: Fitch Ratings has assigned an 'AAA' long-term rating to two series of Institutional MuniFund Term Preferred Shares (i-MTP Shares) and one series of Variable Rate MuniFund Term Preferred Shares (VMTP Shares) issued by two separate Nuveen municipal closed-end funds - Nuveen New York AMT-Free Municipal Income Fund (NRK) and Nuveen Dividend Advantage Municipal Fund 3 (NZF) - in connection with the refinancings described below.
Mar. 27, 2014
 

Fitch Expects to Rate & Affirms Preferred Shares Issued by Nuveen Closed End Funds

Fitch Ratings-New York-27 March 2014: Fitch Ratings expects to assign an 'AAA' long-term rating to two series of Institutional MuniFund Term Preferred Shares (i-MTP Shares) and one series of Variable Rate MuniFund Term Preferred Shares (VMTP Shares) issued by two separate Nuveen municipal closed-end funds-- Nuveen New York AMT-Free Municipal Income Fund (NRK) and Nuveen Dividend Advantage Municipal Fund 3 (NZF)-- in connection with the refinancings described below.
Mar. 19, 2014
 

Fitch: Pioneer Fund Preferred Shares PIF

Fitch Ratings-New York-19 March 2014: The following outstanding shares from Pioneer Investment's fund Pioneer High Income Trust (NYSE: PHT) have been fully redeemed and are paid in full, according to Fitch Ratings:
Mar. 11, 2014
 

Fitch Affirms Preferred Share Ratings of Franklin Templeton Limited Duration Income Trust at 'AAA'

Fitch Ratings-New York-11 March 2014: Fitch Ratings has affirmed the ratings assigned to the auction preferred shares (APS) issued by Franklin Templeton Limited Duration Income Trust (NYSE AMEX: FTF), a closed-end fund managed by Franklin Advisers, Inc. (Franklin):
Mar. 06, 2014
 

Fitch Rates Preferred Shares of Two DWS Closed-End Funds 'AAA'

Fitch Ratings-New York-06 March 2014: Fitch Ratings assigns new ratings to the following Floating Rate Municipal Term Preferred Shares (MTPS) previously issued by two closed-end funds managed by Deutsche Investment Management Americas Inc. (DIMA):
Mar. 04, 2014
 

Fitch Affirms Pioneer Closed-End-Fund Preferred Shares at 'AAA'

Fitch Ratings-New York-04 March 2014: Fitch Ratings-New York-4 March 2014: Fitch Ratings has affirmed the 'AAA' ratings assigned to the auction market preferred shares (AMPS) issued by the following closed-end funds managed by Pioneer Investment Management, Inc. (Pioneer):
Feb. 28, 2014
 

Fitch Affirms 'AAA' Preferred of Legg Mason Loan and Two Western Asset Muni Funds

Fitch Ratings-New York-28 February 2014: Fitch Ratings has affirmed the 'AAA' rating assigned to auction-rate preferred shares (ARPS) issued by a closed-end loan fund managed by Legg Mason Partners Fund Advisor, LLC (LMPFA) and two closed-end municipal funds managed by Western Asset Management Company (Western Asset):
Feb. 28, 2014
 

Fitch Affirms 'AAA' Preferred Ratings of AllianzGI Convertible & Income Fund II

Fitch Ratings-New York-28 February 2014: Fitch Ratings has affirmed the 'AAA' ratings assigned to the following $274 million in outstanding auction-rate preferred shares (ARPS) issued by AllianzGI Convertible & Income Fund II (NYSE: NCZ), a closed-end fund managed by Allianz Global Investors U.S. LLC (AGIUS):
Feb. 28, 2014
 

Fitch Affirms 'AAA' Preferred Ratings of 4 PIMCO Corporate Closed End Funds

Fitch Ratings-New York-28 February 2014: Fitch Ratings has affirmed the 'AAA' ratings assigned to the auction-rate preferred shares (ARPS) issued by the following four closed-end funds managed by Pacific Investment Management Company LLC (PIMCO):
Feb. 27, 2014
 

Fitch Affirms Eaton Vance Loan Funds' Term Preferred Shares at 'AA'

Fitch Ratings-New York-27 February 2014: Fitch Ratings affirmed the 'AA' ratings to the following variable-rate term preferred shares (VRTP Shares) issued by Eaton Vance Floating-Rate Income Trust (NYSE: EFT) and Eaton Vance Floating-Rate Income Plus Fund (NYSE: EFF), closed-end funds advised by Eaton Vance Management (Advisor):
Feb. 27, 2014
 

Fitch Affirms Auction Market Preferred Stock Ratings of 2 Eaton Vance Funds at 'AAA'

Fitch Ratings-New York-27 February 2014: Fitch Ratings has affirmed the 'AAA' ratings assigned to the auction market preferred shares (AMPS) issued by Eaton Vance Senior Floating-Rate Trust (NYSE:EFR) and Eaton Vance Limited Duration Income Fund (NYSE AMEX:EVV), closed-end funds managed by Eaton Vance Management:
Feb. 21, 2014
 

Fitch Rates & Affirms Preferred Shares Issued by Nuveen Closed End Funds

Fitch Ratings-New York-21 February 2014: Fitch Ratings has assigned 'AAA' long-term ratings to two series of Variable Rate MuniFund Term Preferred Shares (VMTP Shares) issued by two separate Nuveen municipal closed-end funds in connection with the refinancings described below. Both funds are managed by Nuveen Fund Advisors, LLC (NFA) and subadvised by Nuveen Asset Management, LLC (NAM).
Feb. 19, 2014
 

Fitch Rates DNP Select Income Fund Shares 'AAA'

Fitch Ratings-New York-19 February 2014: Fitch Ratings has assigned an 'AAA' rating to the following new series of mandatory redeemable preferred stock (MRPS) issued by DNP Select Income Fund Inc. (NYSE: DNP), a non-diversified closed-end fund managed by Duff & Phelps Investment Management Co. (DPIM)
Feb. 10, 2014
 

Fitch Rates & Affirms Preferred Shares of Nuveen Pennsylvania Investment Quality Muni Fund on Merger

Fitch Ratings-New York-10 February 2014: Fitch Ratings takes the following rating actions on the Variable Rate Demand Preferred Shares (VRDP shares) and MuniFund Term Preferred Shares (MTP shares) issued by Nuveen Pennsylvania Investment Quality Municipal Fund (NQP) in connection with the fund reorganizations described below:
Feb. 10, 2014
 

Fitch Rates Kayne Anderson MLP Investment Co's Sr Notes 'AAA'; Affirms Existing Ratings

Fitch Ratings-New York-10 February 2014: Fitch Ratings rates the upsize of the following notes at 'AAA' issued by Kayne Anderson MLP Investment Company (NYSE Amex: KYN), a non-diversified closed-end fund managed by KA Fund Advisors, LLC. Fitch also affirms ratings on the fund's existing notes and mandatory redeemable preferred stock (MRPS) as listed at the end of this press release.
Feb. 10, 2014
 

Fitch Rates Kayne Anderson MLP Investment Co's Sr Notes 'AAA'; Affirms Existing Ratings

Fitch Ratings-New York-10 February 2014: Fitch Ratings rates the upsize of the following notes at 'AAA' issued by Kayne Anderson MLP Investment Company (NYSE Amex: KYN), a non-diversified closed-end fund managed by KA Fund Advisors, LLC. Fitch also affirms ratings on the fund's existing notes and mandatory redeemable preferred stock (MRPS) as listed at the end of this press release.
Feb. 06, 2014
 

Fitch Affirms Clearbridge Closed-End Fund Notes at 'AAA'

Fitch Ratings-New York-06 February 2014: Fitch Ratings has affirmed the 'AAA' ratings assigned to the senior secured notes issued by the following closed-end funds managed by Legg Mason Partners Fund Advisor, LLC (LMPFA) and subadvised by ClearBridge Investments, LLC. A complete list of rated note series follows at the end of this press release.
Jan. 28, 2014
 

Fitch Rates Auction Rate Preferred Shares of Four Gabelli Equity Closed-End Funds 'AA'

Fitch Ratings-New York-28 January 2014: Fitch Ratings assigns ‘AA’ ratings to the outstanding auction rate preferred shares of the following four equity closed-end funds managed by Gabelli Funds, LLC (the adviser).
Jan. 10, 2014
 

Fitch Affirms Preferred Share Rating of The Denali Fund at 'AAA'

Fitch Ratings-Chicago-10 January 2014: Fitch Ratings has affirmed the 'AAA' rating assigned to the following preferred shares issued by The Denali Fund Inc. (NYSE: DNY), a closed-end fund co-advised by Boulder Investment Advisers, LLC (BIA) and Stewart Investment Advisers (SIA):
Dec. 30, 2013
 

Fitch Rates VRTP Shares Issued by 3 Nuveen Loan Funds

Fitch Ratings-New York-30 December 2013: Fitch Ratings assigns long-term ratings as noted below to variable rate term preferred shares (VRTP shares) issued by three Nuveen loan closed-end funds managed by Nuveen Fund Advisors, LLC (NFA) and subadvised by Symphony Asset Management, LLC (Symphony).
Dec. 20, 2013
 

Fitch Rates & Affirms Preferred Shares Issued by Nuveen Closed End Funds

Fitch Ratings-New York-10 December 2013: Fitch Ratings has assigned 'AAA' long-term ratings to four series of Variable Rate MuniFund Term Preferred Shares(VMTP Shares) issued by four Nuveen municipal closed-end funds in connection with the refinancings described below.
Dec. 13, 2013
 

Fitch Rates VRDP Shares Issued by Nuveen Dividend Advantage Municipal Income Fund

Fitch Ratings-New York-13 December 2013: Fitch Ratings has assigned a long-term rating of 'AAA' to the variable rate demand preferred shares (VRDP shares) issued by Nuveen Dividend Advantage Municipal Income Fund (NVG). NVG is managed by Nuveen Fund Advisors, LLC (NFA) and subadvised by Nuveen Asset Management, LLC (NAM).
Dec. 09, 2013
 

Fitch: Pioneer Fund Preferred Shares PIF

Fitch Ratings-New York-09 December 2013: The following outstanding shares from Pioneer Investment's fund Pioneer Floating Rate Trust (NYSE: PHD)
Nov. 21, 2013
 

Fitch Rates Tortoise Closed-End Fund Notes 'AAA'; Affirms Existing Ratings

Fitch Ratings-New York-21 November 2013: Fitch Ratings assigns an 'AAA' rating to the following notes issued by two closed-end funds managed by Tortoise Capital Advisors, LLC. Fitch also affirms the existing notes and mandatory redeemable preferred stock (MRPS) as listed at the bottom of this press-release. 
Nov. 15, 2013
 

Fitch Affirms Preferred Shares Issued by Two Federated Municipal Funds at 'AAA'

Fitch Ratings-Chicago-15 November 2013: Fitch Ratings has affirmed the 'AAA' ratings on the Variable Rate Municipal Term Preferred Shares (VMTP shares) and auction market preferred shares (AMPS) issued by Federated Premier Municipal Income Fund (NYSE:FMN) and Federated Premier Intermediate Municipal Income Fund (NYSE:FPT) as follows: FMN --$18,425,000 of VMTP shares,
Nov. 11, 2013
 

Fitch Affirms Preferred Shares of Delaware Investments

Fitch Ratings-New York-11 November 2013: Fitch Ratings affirms the 'AAA' long-term ratings assigned to the Variable Rate MuniFund Term Preferred Shares (VMTP Shares) issued by the following three municipal closed end funds managed by Delaware Management Company (DMC), a series of Delaware Management Business Trust. Delaware Investments Colorado Municipal Income
Nov. 01, 2013
 

Fitch Rates Dreyfus Municipal Bond Infrastructure Fund, Inc. VMTP Shares 'AAA'

Fitch Ratings-New York-01 November 2013: Fitch rates the following Variable Rate MuniTerm Preferred Shares (VMTP Shares) issued by Dreyfus Municipal Bond Infrastructure Fund, Inc. (NYSE: DMB), a closed-end fund (Fund) managed by The Dreyfus Corporation (Dreyfus) and sub-advised by Standish Mellon Asset Management Company LLC (Standish): --$25,000,000 of newly issued
Oct. 23, 2013
 

Fitch Affirms VRTP Shares Issued by Invesco Senior Income Trust

Fitch Ratings-Chicago-23 October 2013: Fitch Ratings affirms the 'AAA' rating to the following Variable Rate Term Preferred Shares (VRTP Shares) issued by Invesco Senior Income Trust (NYSE:VVR), a closed-end fund managed by Invesco Advisers, Inc.: --$125,000,000 of VRTP shares, due November 2015, with a liquidation preference of $100,000 per share
Oct. 16, 2013
 

Fitch Rates Clearbridge American Energy MLP Fund Inc.'s Senior Notes 'AAA'

Fitch Ratings-New York-16 October 2013: Fitch Ratings assigns an 'AAA' rating to the following series of senior secured notes (Notes) issued by ClearBridge American Energy MLP Fund Inc. (NYSE: CBA), a non-diversified, closed-end fund advised by Legg Mason Partners Fund Advisor, LLC (LMPFA) and subadvised by ClearBridge Investments, LLC. --$55,000,000
Sep. 30, 2013
 

Fitch Affs MainStay DefinedTerm Muni Opp Fund FMTPs at 'AAA'

Fitch Ratings-New York-30 September 2013: Fitch Ratings affirms the current 'AAA' long-term ratings of Fixed Rate Municipal Term Preferred (FMTP) shares issued by MainStay DefinedTerm Municipal Opportunities Fund (MMD), a closed-end fund managed by New York Life Investment Management LLC (NYLIM) and sub-advised by MacKay Shields LLC (MacKay Shields): --$35,000,000
Sep. 27, 2013
 

Fitch Rates Tortoise Closed-End Fund Notes 'AAA'; Affirms Existing Ratings

Fitch Ratings-New York-27 September 2013: Fitch Ratings assigns an 'AAA' rating to the following notes issued by two closed-end funds managed by Tortoise Capital Advisors, LLC:
Sep. 26, 2013
 

Fitch Rates VRDP Shares Issued by 2 Nuveen Funds to Refinance Outstanding Preferred Shares

Fitch Ratings-New York-26 September 2013: Fitch Ratings has assigned the following long-term and short-term ratings to variable rate demand preferred shares (VRDP shares) issued by two Nuveen municipal closed-end funds managed by Nuveen Fund Advisors, LLC (NFA) and subadvised by Nuveen Asset Management, LLC (NAM): Nuveen California Dividend Advantage Municipal

Sep. 24, 2013
 

Fitch Affirms Neuberger Berman Real Estate Securities Income Fund Preferred Stock at 'AA'

Fitch Ratings-New York-24 September 2013: Fitch Ratings has affirmed the 'AA' rating assigned to the mandatory redeemable preferred stock (MRPS) issued by Neuberger Berman Real Estate Securities Income Fund Inc. (NYSE: NRO), a non-diversified, closed-end fund advised by Neuberger Berman Management LLC (Advisor): --$25,000,000 4.00% series A MRPS, due Sept.
Sep. 19, 2013
 

Fitch Rates Neuberger Berman High Yield Strategies Fund Preferred Stock and Debt

Fitch Ratings-Chicago-19 September 2013: Fitch Ratings assigns ratings to the following notes and preferred stock issued by Neuberger Berman High Yield Strategies Fund Inc. (NYSE: NHS), a non-diversified, closed-end fund advised by Neuberger Berman Management LLC (Advisor): --$90,000,000 Floating Rate Senior Notes, Series A, due September 2023 (notes), rated 'AAA';
Sep. 16, 2013
 

Fitch Rates Kayne Anderson MLP Investment Company's Preferred Shares 'AA'; Affirms Existing Ratings

Fitch Ratings-New York-16 September 2013: Fitch Ratings assigns an 'AA' rating to the following new series of mandatory redeemable preferred stock (MRPS) issued by Kayne Anderson MLP Investment Company (NYSE Amex: KYN), a non-diversified closed-end fund managed by KA Fund Advisors, LLC. Fitch also affirms the ratings on the fund's
Aug. 29, 2013
 

Fitch Rates VRDP Shares Issued by 3 Nuveen Funds to Refinance Outstanding Preferred Shares

Fitch RateFitch Ratings-New York-29 August 2013: Fitch Ratings assigns long-term ratings of 'AAA' and short-term ratings of 'F1+' to variable-rate demand preferred shares (VRDP shares) issued by three Nuveen municipal closed-end funds. The funds are managed by Nuveen Fund Advisors, LLC (NFA) and subadvised by Nuveen Asset Management, LLC (NAM). s VRDP Shares Issued by 3 Nuveen Funds to Refinance Outstanding Preferred Shares
Aug. 29, 2013
 

Fitch Rates New VRTP Shares Issued by Invesco Dynamic Credit Opportunities Fund

Fitch Ratings-Chicago-29 August 2013: Fitch Ratings assigns an 'AAA' rating to the following Variable Rate Term Preferred Shares (VRTP Shares) issued by Invesco Dynamic Credit Opportunities Fund (NYSE:VTA), a closed-end fund managed by Invesco Advisers, Inc.: --$125,000,000 of VRTP shares, due September 2016, with a liquidation preference of $100,000 per
Aug. 28, 2013
 

Fitch Assigns Rating to Franklin Universal Trust Notes

Fitch Ratings-New York-28 August 2013: Fitch Ratings has assigned the 'AAA' rating to the following notes issued by Franklin Universal Trust (NYSE: FT), a leveraged multi-sector closed-end fund advised by Franklin Advisers, Inc. (Franklin): --$60,000,000 of 2.87% senior notes, due Aug. 28, 2018 Proceeds of the note issuance are being
Aug. 27, 2013
 

Fitch Affirms Western Asset Premier Bond Fund's $72MM Pfd at 'A'

Fitch Ratings-New York-27 August 2013: Fitch Ratings has affirmed the 'A' rating assigned to the following auction market preferred shares (AMPS) issued by Western Asset Premier Bond Fund (NYSE: WEA), a closed-end fund invested primarily in corporate and structured finance securities and managed by Western Asset Management Company:
Aug. 22, 2013
 

Fitch Rates DTF Tax-Free Income Inc. VMTP Shares 'AAA'

Fitch Ratings-Chicago-22 August 2013: Fitch Ratings assigns an 'AAA' rating to Variable Rate MuniFund Term Preferred Shares (VMTP Shares) issued by DTF Tax-Free Income Fund Inc. (NYSE: DTF), a closed-end fund (Fund) managed by Duff & Phelps Investment Management Co. (DPIM):
Aug. 22, 2013
 

Fitch Rates Tortoise Closed-End Fund Notes 'AAA'; Affirms Existing Ratings

Fitch Ratings-New York-22 August 2013: Fitch Ratings assigns an 'AAA' rating to the following notes outstanding by three closed-end funds managed by Tortoise Capital Advisors, LLC: Tortoise Energy Capital Corporation (TYY): --$5,000,000 Series G Floating Rate Senior Notes due on June 15, 2014; --$12,500,000 3.88% Series H Senior Notes due
Aug. 22, 2013
 

Fitch: UBS Puerto Rico CEF Indexed Medium-Term Notes Paid In Full

Fitch Ratings-New York-22 August 2013: The indexed medium-term notes (MTNs) previously issued by six Puerto Rico closed-end funds (CEFs) advised by UBS Asset Managers (Puerto Rico) have been paid in full. See full list below. There were no other index-linked notes outstanding at this time. Consistent with its rating criteria,
Aug. 21, 2013
 

Fitch Rates Kayne Anderson MLP Investment Company's Senior Notes 'AAA'; Affirms Existing Ratings

Fitch Ratings-New York-20 August 2013: Fitch Ratings notes that the $128,000,000 series C senior unsecured notes (notes) previously issued by Kayne Anderson Energy Total Return Fund (NYSE:KYE) have been paid in full. The notes were rated 'AAA' by Fitch prior to redemption. The notes were redeemed on Aug. 9, 2013,
Aug. 09, 2013
 

Fitch Affirms Notes Issued by 11 Santander Puerto Rico CEFs

Fitch Ratings-New York-09 August 2013: Fitch Ratings has reviewed and affirmed the ratings assigned to Medium-Term Notes series and Short-Term Notes series issued by 11 Puerto Rico closed-end funds (CEFs) advised by Santander Asset Management (Puerto Rico). A complete list of rating actions can be found at the end of
Aug. 09, 2013
 

Fitch Affirms Notes Issued by 7 UBS/Banco Popular Puerto Rico CEFs

Fitch Ratings-New York-09 August 2013: : Fitch Ratings has reviewed and affirmed the ratings assigned to Medium-Term Notes series and Short-Term Notes series issued by 7 Puerto Rico closed-end funds (CEFs) co-advised by Popular Asset Management and UBS Asset Managers of Puerto Rico. A complete list of rating actions follows
Aug. 09, 2013
 

Fitch Affirms Notes Issued by 12 UBS Puerto Rico CEFs

Fitch Ratings-New York-09 August 2013: Fitch Ratings has reviewed and affirmed the ratings assigned to Medium-Term Notes series and Short-Term Notes series issued by 12 Puerto Rico closed-end funds (CEFs) advised by UBS Asset Managers (Puerto Rico). A complete list of rating actions can be found at the end of
Aug. 02, 2013
 

Fitch Affirms Blackstone / GSO Sr. Floating Rate Term Fund Sr. Notes & Preferred Shares at 'AAA' 

Fitch Ratings-New York-02 August 2013: Fitch Ratings affirms the 'AAA' ratings assigned to senior notes and preferred shares issued by Blackstone / GSO Senior Floating Rate Term Fund, a leveraged-loan closed-end fund managed by GSO / Blackstone Debt Funds Management LLC (GSO / Blackstone): --$96,000,000 series A floating rate senior


Jul. 29, 2013
 

Fitch Rates Dreyfus Municipal Bond Infrastructure Fund, Inc. VMTP Shares 'AAA' 

Fitch Ratings-New York-29 July 2013: Fitch Ratings assigns an 'AAA' rating to Variable Rate Muni Term Preferred Shares (VMTP Shares) issued by Dreyfus Municipal Bond Infrastructure Fund, Inc. (NYSE: DMB), a closed-end fund (Fund) managed by The Dreyfus Corporation (Dreyfus) and sub-advised by Standish Mellon Asset Management Company LLC (Standish):


Jul. 15, 2013
 

Fitch Rates & Affirms Preferred Shares of Nuveen Municipal High Income Opportunity Fund on Merger

Fitch Ratings-New York-15 July 2013: Fitch Ratings assigns 'AAA' long-term ratings to the Variable Rate MuniFund Term Preferred Shares (VMTP Shares) issued by Nuveen Municipal High Income Opportunity Fund (NMZ) in connection with the fund reorganization described below. Fitch also affirms the long-term ratings of an existing series of VMTP
Jul. 11, 2013
 

May 2013 Summary of Latin American Rating Actions 

Fitch Ratings-Buenos Aires-11 July 2013: Fitch Ratings has taken 85 Latin America National scale rating actions for the month of May 2013.
A spreadsheet detailing Fitch's rating actions on the affected entities can be found at 'www.fitchratings.com' or by following in the link below. These rating actions were previously announced via separate press releases in Spanish or Portuguese.
Jul. 10, 2013
 

Fitch Rates Eaton Vance Floating-Rate Income Plus Fund Preferred Shares 'AA' 

Fitch Ratings-New York-10 July 2013: Fitch Ratings assigns an 'AA' rating to the following Variable-Rate Term Preferred Shares (VRTP Shares) issued by Eaton Vance Floating-Rate Income Plus Fund (NYSE: EFF), a closed-end fund advised by Eaton Vance Management (Advisor):

--$36,000,000 of Series C-1 VRTP Shares, with a mandatory redemption date of July 8, 2016.


Jul. 01, 2013
 

 Fitch Rates Aberdeen Asia-Pacific Income Fund Preferred Stock 'AA'; Affirms Notes at 'AAA'

Fitch Ratings-New York-01 July 2013: Fitch Ratings assigns an 'AA' rating to the following cumulative preferred stock issued by Aberdeen Asia-Pacific Income Fund, Inc. (NYSE MKT: FAX).

--$50,000,000 Series A Mandatorily Redeemable Preferred Stock (MRPs), due June 27, 2023


Jun. 28, 2013
 

Fitch: Preferred Shares of Two Advent/Claymore Convertible Funds PIF

Fitch Ratings-Chicago-28 June 2013: The following auction market preferred shares (AMPS) issued by Advent/Claymore Convertible Securities and Income Fund (NYSE: AVK) and Advent/Claymore Convertible Securities & Income Fund II (NYSE: AGC) are paid in full (PIF) following the full redemption of outstanding shares, according to Fitch Ratings:
Jun. 27, 2013
 

Fitch: Mortgage REITs' Reliance on Repo Funding Could Increase U.S. MBS Volatility

Fitch Ratings-New York-27 June 2013: Given their reliance on repo funding, U.S. agency mortgage REITs (mREITs) and other leveraged investors could face pressures to liquidate some of their MBS holdings if repo lenders were to tighten the terms and availability of funding, according to Fitch Ratings in a new report. Such a deleveraging scenario could in turn create a ripple effect that extends to the broader mortgage markets as a whole.
Jun. 24, 2013
 

April 2013 Summary of Latin American Rating Actions

Fitch Ratings-Buenos Aires-24 June 2013: Fitch Ratings has taken 100 Latin America National scale rating actions for the month of April 2013.
Jun. 18, 2013
 

Fitch: Taxable CEFs Remain an Attractive Lending Segment Under Basel III 

Fitch Ratings-New York-18 June 2013: Basel III banking capital requirements are expected to increase borrowing costs across lending segments, and potentially result in diminished availability of bank-provided credit as banks may focus on reducing their exposure to lower rated and more volatile sectors.
Jun. 17, 2013
 

Fitch: Tortoise Energy Capital Corporation Series F Senior Unsecured Notes Paid In Full 

Fitch Ratings-New York-17 June 2013: The $34,700,000 series F senior unsecured notes previously issued by Tortoise Energy Capital Corporation (NYSE: TYY) have been paid in full, according to Fitch Ratings. 

Jun. 13, 2013
 

Fitch Rates Aberdeen Asia-Pacific Income Fund, Inc. Senior Secured Notes 'AAA'  

Fitch Ratings-New York-13 June 2013: Fitch Ratings assigns an 'AAA' rating to senior secured notes (the notes) issued by Aberdeen Asia-Pacific Income Fund, Inc. (NYSE: FAX), a closed-end fund (Fund):

--$100,000,000 Series A Notes due June 12, 2020;
--$100,000,000 Series B Notes due June 12, 2023.


Jun. 07, 2013
 

Fitch Rates Clearbridge Energy MLP Fund Inc.'s Senior Notes 'AAA'; Affirms Existing Ratings

Fitch Ratings-New York-07 June 2013: Fitch Ratings assigns an 'AAA' rating to the two series of senior secured notes issued by ClearBridge Energy MLP Fund Inc. (NYSE: CEM), a non-diversified, closed-end fund advised by Legg Mason Partners Fund Advisor, LLC (LMPFA) and subadvised by ClearBridge Investments, LLC.

--$50,000,000 3.65% series A notes due June 2023;
--$50,000,000 3.78% series B notes due June 2025.


Jun. 07, 2013
 

Fitch Publishes Ver Cap's Credit Opportunity Fund's 'A' Rating

Fitch Ratings-Paris/London-07 June 2013: Fitch Ratings has published the 'A' rating, Stable Outlook, assigned to Ver Capital Credit Opportunity Fund's (VCCOF) term loan facility (TLF).

VCCOF is a closed end fund managed by Ver Capital SGRpA (Ver Cap).


May. 21, 2013
 

Fitch Affirms VRDP Shares of Two Nuveen Closed-End Funds On Additional Issuance

Fitch Ratings-New York-21 May 2013: Fitch Ratings affirms the 'AAA' long-term ratings and 'F1' short-term ratings assigned to variable rate demand preferred shares (VRDP shares) issued by two municipal closed-end funds managed by Nuveen Fund Advisors, LLC (NFA) and subadvised by Nuveen Asset Management, LLC (NAM) as follows:

Nuveen Investment Quality Municipal Fund, Inc. (NQM): 
--Up to $236,800,000 of VRDP shares, series 1, due May 1, 2041, affirmed at 'AAA/F1'. The liquidity provider is Barclays Bank PLC ('A/F1').

Nuveen Select Quality Municipal Fund, Inc. (NQS): 
--Up to $267,500,000 of VRDP shares, series 1, due May 1, 2041, affirmed at 'AAA/F1'. The liquidity provider is Barclays Bank PLC ('A/F1').

 
May. 20, 2013
 

Fitch: Nexpoint Credit Strategies Fund's Senior Notes PIF

Fitch Ratings-Chicago-20 May 2013: The following notes issued by Nexpoint Credit Strategies Fund (NYSE: NHF) are paid in full (PIF) following their full redemption, according to Fitch Ratings
May. 16, 2013
 

Fitch Affirms VMTP Shares Issued by 9 Invesco Closed-End Funds at 'AAA' 

Fitch Ratings-Chicago-16 May 2013: Fitch Ratings has affirmed the 'AAA' ratings on almost $2 billion of Variable Rate Muni Term Preferred Shares (VMTP Shares) issued by nine municipal closed-end funds managed by Invesco Advisers, Inc. (NYSE:IVZ, Invesco). A complete list of the funds and the associated VMTP Shares is included at the end of this release.
May. 16, 2013
 

Fitch: Kayne Anderson MLP Investment Company Series D MRPS Paid In Full

Fitch Ratings-New York-16 May 2013: Fitch Ratings notes that the 4,000,000 series D mandatory redeemable preferred shares (MRPS) previously issued by Kayne Anderson MLP Investment Company (NYSE:KYN) have been paid in full. The MRPS were rated 'AA' by Fitch prior to redemption.
May. 14, 2013
 

Fitch Affirms VRDP, VMTP, and RVMTP Shares Issued by 49 BlackRock Closed-End Funds

Fitch Ratings-New York-14 May 2013: Fitch Ratings affirms the 'AAA' long-term ratings assigned to Variable Rate Demand Preferred Shares (VRDP shares), Variable Rate Muni Term Preferred Shares (VMTP shares), and Remarketable Variable Rate Muni Term Preferred Shares (RVMTP shares) issued by 49 closed-end funds managed by BlackRock Advisors, LLC.
May. 06, 2013
 

Fitch Rates & Affirms Preferred Shares of Nuveen AMT-Free Municipal Income Fund on Merger

Fitch Ratings-New York-06 May 2013: Fitch Ratings has assigned 'AAA' long-term ratings and short-term ratings of 'F1' and 'F1+' to two series of Variable Rate Demand Preferred Shares (VRDP) issued by Nuveen AMT-Free Municipal Income Fund (NEA) in connection with the fund reorganizations described below. Fitch also affirms the long-term ratings of an existing series of MuniFund Term Preferred Shares (MTP Shares), and an existing series of Variable Rate MuniFund Term Preferred Shares (VMTP Shares) of the fund. The fund is managed by Nuveen Fund Advisors, LLC (NFA) and subadvised by Nuveen Asset Management, LLC (NAM).
May. 01, 2013
 

Fitch Affirms VRDP, MTP, and VMTP Shares Issued by 55 Nuveen Closed-End Funds

Fitch Ratings-New York-01 May 2013: Fitch Ratings affirms the 'AAA' long-term ratings assigned to Variable Rate Demand Preferred Shares (VRDP shares), MuniFund Term Preferred Shares (MTP shares), and Variable Rate MuniFund Term Preferred Shares (VMTP shares) issued by 55 closed-end funds managed by Nuveen Fund Advisors, LLC (NFA) and subadvised by Nuveen Asset Management, LLC (NAM). Fitch also affirms the 'F1' short-term ratings assigned to 18 series of VRDP Shares and the 'F1+' ratings assigned to 13 series of VRDP Shares issued by the funds, reflecting the ratings of the respective liquidity providers to the VRDP Shares. A complete list of the funds and the associated ratings is included at the end of this rating action commentary.

The VMTP series issued by three of the funds were previously exchanged for new series of VMTP shares and are marked paid-in-full by Fitch.


May. 01, 2013
 

Fitch Affirms Preferred Shares of 2 Advent/Claymore Convertible Funds at \'AAA\'

Fitch Ratings-Chicago-01 May 2013: Fitch Ratings has affirmed the 'AAA' rating assigned to the following auction market preferred shares (AMPS) issued by Advent/Claymore Convertible Securities and Income Fund (NYSE: AVK) and Advent/Claymore Convertible Securities & Income Fund II (NYSE: AGC), both leveraged multi-sector closed-end funds managed by Advent Capital Management, LLC (Advent):

AVK
--$1,575,135 AMPS consisting of series M7, T28, W7, W28, Th28 and F7, each with a liquidation preference of $25,000 per share.


May. 01, 2013
 

Fitch Rates Kayne Anderson Midstream/Energy Fund\'s Notes \'AAA\'; Affirms Existing Ratings

Fitch Ratings-New York-01 May 2013: Fitch Ratings assigns an 'AAA' rating to series of new senior unsecured notes issued by Kayne Anderson Midstream/Energy Fund, Inc. (NYSE: KMF), a non-diversified closed-end fund managed by KA Fund Advisors, LLC:

--$40,000,000 3.34% Series D Senior Unsecured Notes due May 1, 2023.

Fitch also affirms ratings on the fund's existing notes and mandatory redeemable preferred stock (MRPS) as listed at the bottom of this press-release.

The closing of the new notes took place today May 1, 2013 and was privately placed with one or more institutional investors. Net proceeds from the offering will be primarily used to repay borrowings under the Fund's credit agreement.


Apr. 25, 2013
 

Fitch: Boulder Growth & Income Fund, Inc.'s Auction Rate Pfd Shares PIF

Fitch Ratings-Chicago-25 April 2013: The following auction market preferred shares (AMPS) issued by Boulder Growth & Income Fund, Inc. (NYSE: BIF) are paid in full (PIF) following the full redemption of outstanding shares, according to Fitch Ratings:
Apr. 18, 2013
 

Fitch Rates VRDP Shares Issued by 2 Nuveen Funds Following Change of Liquidity Providers

Fitch Ratings-New York-18 April 2013: Fitch Ratings assigns long-term ratings of 'AAA' and short-term ratings of 'F1+' to variable rate demand preferred shares (VRDP shares) issued by two Nuveen municipal closed-end funds. The funds are managed by Nuveen Fund Advisors, LLC (NFA) and subadvised by Nuveen Asset Management, LLC (NAM).
Apr. 17, 2013
 

Fitch Rates Kayne Anderson MLP Investment Company\'s Senior Notes \'AAA\'; Affirms Existing Ratings

Fitch Ratings-New York-17 April 2013: Fitch Ratings assigns an 'AAA' rating to the four series of senior unsecured notes (Notes) issued by Kayne Anderson MLP Investment Company (NYSE Amex: KYN), a non-diversified closed-end fund managed by KA Fund Advisors, LLC. Fitch also affirms ratings on the fund's existing Notes and mandatory redeemable preferred stock (MRPS) as listed at the bottom of this press-release.

--$75,000,000 2.74% Series DD Notes due April 16, 2019;
--$50,000,000 3.20% Series EE Notes due April 16, 2021;
--$65,000,000 3.57% Series FF Notes due April 16, 2023;
--$45,000,000 3.67% Series GG Notes due April 16, 2025.


Apr. 17, 2013
 

Fitch Rate Kayne Anderson Energy Total Return Fund\'s Senior Notes \'AAA\'; Affirms Existing Ratings

Fitch Ratings-New York-17 April 2013: Fitch Ratings assigns an 'AAA' rating to the four series of new senior unsecured notes (Notes) issued by Kayne Anderson Energy Total Return Fund, Inc. (NYSE: KYE), a non-diversified closed-end fund managed by KA Fund Advisors, LLC. Fitch also affirms ratings on the fund's existing Notes and mandatory redeemable preferred stock (MRPS) as listed at the bottom of this press-release.

--$6,000,000 of 2.59% Series I Senior Unsecured Notes due Aug. 8, 2018;
--$29,000,000 of 3.07% Series J Senior Unsecured Notes due Aug. 8, 2020;
--$50,000,000 of 3.72% Series K Senior Unsecured Notes due Aug. 8, 2023;
--$45,000,000 of 3.82% Series L Senior Unsecured Notes due Aug. 8, 2025.


Apr. 08, 2013
 

Fitch Rates & Affirms Preferred Shares of Nuveen Ohio Quality Income Municipal Fund on Merger

Fitch Ratings assigns 'AAA' long-term ratings to three series of MuniFund Term Preferred Shares (MTP shares) issued by Nuveen Ohio Quality Income Municipal Fund (NUO) in connection with..
Apr. 08, 2013
 

Fitch Rates & Affirms Preferred Shares of Nuveen Arizona Premium Income Municipal Fund on Merger

Fitch Ratings assigns 'AAA' long-term ratings to three series of MuniFund Term Preferred Shares..
Apr. 03, 2013
 

Fitch Rates Kayne Anderson MLP Investment Company's MRPS 'AA'

Fitch Ratings assigns a 'AA' rating to the following series of mandatory redeemable preferred stock (MRPS) issued by Kayne Anderson MLP Investment Company (NYSE Amex: KYN), a non-diversified closed-end fund...
Apr. 01, 2013
 

Fitch Rates ClearBridge Energy MLP Total Return Fund's Senior Notes 'AAA'

Fitch Ratings assigns an 'AAA' rating to the following senior secured notes issued by ClearBridge Energy MLP Total Return Fund Inc. (NYSE: CTR), a non-diversified, closed-end fund...
Mar. 28, 2013
 

Fitch Expects to Rate Kayne Anderson MLP Investment Company's MRPS 'AA'

Fitch Ratings expects to assign a 'AA' rating to the following series of mandatory redeemable preferred stock (MRPS) expected to be issued by Kayne Anderson MLP Investment Company (NYSE Amex: KYN), a non-diversified closed-end fund...
Mar. 27, 2013
 

Fitch Expects to Rate Kayne Anderson Energy Total Return Fund's Senior Notes 'AAA'

Fitch Ratings expects to rate 'AAA' the four series of senior unsecured notes (Notes) expected to be issued by Kayne Anderson Energy Total Return Fund, Inc. (NYSE: KYE), a non-diversified closed-end fund...
Mar. 13, 2013
 

Fitch Affirms Franklin Universal Trust Notes at 'AAA'

Fitch Ratings has affirmed the 'AAA' rating assigned to the following notes issued by Franklin Universal Trust (NYSE: FT), a leveraged multi-sector closed-end fund...
Mar. 13, 2013
 

Fitch Affirms Preferred Share Ratings of Franklin Templeton Limited Duration Income Trust at 'AAA

Fitch Ratings has affirmed the ratings assigned to the auction preferred shares (APS) issued by Franklin Templeton Limited Duration Income Trust (NYSE AMEX: FTF), a closed-end fund...
Mar. 11, 2013
 

Fitch Rates & Affirms Preferred Shares of Nuveen New York AMT-Free Municipal Income Fund on Merger

Fitch Ratings assigns ratings to preferred shares issued by Nuveen New York AMT-Free Municipal Income Fund (NRK) in connection with...
Mar. 08, 2013
 

Fitch Affirms VRDP Shares Issued by 4 Nuveen Funds Ahead of Replacement of Liquidity Providers

Fitch Ratings affirms the ratings of 'AAA/F1+' assigned to certain series of variable rate demand preferred shares (VRDP shares) issued by..
Mar. 05, 2013
 

Fitch Affirms Preferred Share Ratings of 2 Pioneer Corporate Fixed-Income Closed End Funds at 'AAA'

Fitch Ratings has affirmed the 'AAA' ratings assigned to the following auction market preferred shares (AMPS) issued by two leveraged closed-end funds advised by...
Mar. 05, 2013
 

Fitch Affirms Preferred Share Ratings of 2 Pioneer Municipal Closed End Funds at 'AAA'

Fitch Ratings has affirmed the 'AAA' ratings assigned to the following auction market preferred shares (AMPS) issued by...
Mar. 04, 2013
 

Fitch Rates VMTP Shares Issued by Nuveen Intermediate Duration Quality Municipal Term Fund 'AAA'

Fitch Ratings has assigned 'AAA' ratings to Variable Rate MuniFund Term Preferred Shares (VMTP Shares) issued by Nuveen Intermediate Duration Quality Municipal Term Fund, a municipal closed-end fund...
Mar. 01, 2013
 

Fitch Affirms Preferred Share Ratings of Eaton Vance Limited Duration Income Fund at 'AAA'

Fitch Ratings has affirmed the 'AAA' ratings assigned to the auction market preferred shares (AMPS) issued by Eaton Vance Limited Duration Income Fund (NYSE AMEX:EVV), a closed-end fund...
Mar. 01, 2013
 

Fitch Affirms Preferred Share Ratings of Eaton Vance Senior Floating-Rate Trust at 'AAA'

Fitch Ratings has affirmed the 'AAA' ratings assigned to the auction market preferred shares (AMPS) issued by Eaton Vance Senior Floating-Rate Trust (NYSE: EFR), a closed-end fund...