...This report updates and replaces the master criteria report titled "Rating Closed-End Fund Debt and Preferred Stock," dated Sept. 4, 2014. This report primarily covers collateralized short- and long-term obligations issued by U.S. closed-end funds (CEFs) regulated by the Investment Company Act of 1940 (1940 Act). Principles in this criteria report are also applicable to Puerto Rican (PR) CEFs, CEFs in other non-U.S. jurisdictions and other market value structures (MVS), in general, in assigning ratings where the primary risk is from market value volatility....