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Article: Fitch Applies Its New Ratings Criteria Resulting in a Rating Downgrade of Fund's AMPS.
- Article from:
- Investment Weekly News
- Article date:
- November 21, 2009
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The Reaves Utility Income Fund (NYSE Amex: UTG) was recently informed by Fitch Ratings that the rating on the Fund's Auction Market Preferred Shares (AMPS) had been downgraded from "AAA" to "A" based on Fitch's application of its new rating standards on sector funds. As a result, the cost of the AMPS as leverage increased from 125 basis points over LIBOR to 200 basis points over LIBOR. Fitch also indicated that this result was part of its review of sector funds as a whole. The Fund has not made any fundamental change to its investment strategy or objective and currently maintains compliance with the applicable asset coverage rules under the Investment Company Act of 1940, ...
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Article: Western Asset High Income Fund II Inc. Announces ...
Business Wire;
September 24, 2008 ;
700+ words
... ... NEW YORK -- Western Asset High Income Fund II Inc., which is listed on the ... the merger of Western Asset Zenix Income Fund Inc. with and into Western Asset High Income Fund II Inc. Effective with the opening ...
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