Fitch acts on Nuveen preferred shares

Fitch Ratings said it downgraded the long-term ratings assigned to the variable-rate demand preferred shares, munifund preferred shares, adjustable-rate munifund term preferred shares and taxable fund preferred shares issued by 21 closed-end funds managed by Nuveen Fund Advisors. The agency removed all ratings from under criteria observation.

In addition, Fitch affirmed the long-term ratings assigned to the preferred shares of Nuveen AMT-Free Quality Municipal Income Fund, downgraded the long-term ratings assigned to the preferred shares of loan fund Nuveen Short Duration Credit Opportunities Fund and removed the JSD rating from rating watch negative. Rating downgrades on the Nuveen AMT Free-Quality fund were published Feb. 8.

“The long-term rating downgrades are driven by changes to Fitch’s rating criteria for CEFs, rather than by any fundamental changes to the funds’ credit profiles,” the agency noted in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.