Pioneer Investments Reports Revised Ratings for Closed-End Fund Preferred Shares
July 16 2012 - 4:10PM
Business Wire
Pioneer Investments today announced recent changes in the
ratings of certain auction rate preferred shares (“ARPS”) issued by
four of its closed-end funds and discussed the impact of those
ratings changes. On July 12, 2012, Moody’s Investors Service, Inc.
(“Moody’s”) downgraded the ratings of debt and preferred shares
issued by nearly all equity, municipal bond and taxable fixed
income closed-end funds in the industry, including ARPS issued by
four Pioneer closed-end funds. The ratings actions are the result
of a decision by Moody’s to revise its ratings methodology and are
not related specifically to any changes in the portfolio
investments or structure of Pioneer’s closed-end funds. More
information on these changes can be found on www.moodys.com. There
have been no changes in the objectives or investment strategies of
Pioneer’s closed-end funds.
As of July 12, 2012, below are Moody’s new ratings of ARPS for
the following Pioneer closed-end funds:
Pioneer Floating Rate Trust (NYSE: PHD) Aa3 Pioneer
High Income Trust (NYSE: PHT) Aa3 Pioneer Municipal High Income
Trust (NYSE: MHI) Aa2 Pioneer Municipal High Income Advantage Trust
(NYSE: MAV) Aa2
Previously, all of the ARPS of the above funds were rated Aaa by
Moody’s. Moody’s is one of two nationally recognized statistical
rating organizations currently rating the fund’s ARPS.
Under the terms of each fund’s statement of preferences for
ARPS, the ratings downgrades will result in higher dividend rates
on the ARPS for PHD and MHI.
The funds are closed-end investment companies that trade on the
New York Stock Exchange (NYSE) under the following symbols: PHD,
PHT, MHI, and MAV. Pioneer Investment Management, Inc. is each
fund’s investment adviser.
Keep in mind, dividends are not guaranteed. Closed-end funds,
unlike open-end funds, are not continuously offered. There is a
one-time public offering and once issued, common shares of
closed-end funds are bought and sold in the open market through a
stock exchange and frequently trade at prices lower than their net
asset value. Net Asset Value (NAV) is total assets less total
liabilities divided by the number of common shares outstanding. For
performance data on Pioneer's closed-end funds, please call
800-225-6292 or visit our closed-end pricing page.
© 2012 Pioneer Investment Management, Inc.Member of the
UniCredit Banking Group,Register of Banking Groups
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