Fitch cuts, then ups Franklin Universal

Fitch Ratings said it downgraded Franklin Universal Trust's senior secured note rating to D from A and then upgraded the rating back to A.

“The temporary downgrade follows a missed interest payment on the notes on March 15, 2023. The missed payment was rectified two days after the expiry of a five-business day grace period provided for in the notes' governing documents and therefore resulted in an event of default. The late payment was the result of an administrative error by the fund's investment advisor, Franklin Advisers, Inc. (Franklin),” Fitch said in a press release.

The upgrade back to A reflects the payment of all interest amounts due, the agency noted.

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