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Rating Puerto Rico Closed-End Fund Debt and Preferred Stock – Effective September 4, 2014 to September 16, 2015

Published Oct 30, 2015

10 pages (6454 words) — Published Oct 30, 2015

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Brief Excerpt:

...Main Rating Criteria Considerations: The legal/regulatory structure, the amount of risk-adjusted overcollateralization, the presence of dynamic deleveraging/defeasance triggers and the strength of the investment manager are all key considerations when Fitch rates Puerto Rico closed-end fund (PR CEF) debt and preferred stock. Supplements Master Closed-End Fund Criteria: Fitch continues to apply all elements of our analysis and review per the criteria titled "Rating Closed-End Fund Debt and Preferred Stock," dated August 2014, available on Fitch's website at www.fitchratings.com, in rating the debt and preferred stock issued by PR CEFs. This PR CEF criteria report should be read in conjunction with the CEF master criteria. Regulatory and Structural Differences: PR CEFs have regulatory and structural features that differ from and are weaker than most Fitch-rated U.S. CEFs, which Fitch reflects in lower assigned rating levels. Notably, PR funds have fewer regulatory and covenanted restrictions...

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MLA:	Fitch Research. "Rating Puerto Rico Closed-End Fund Debt and Preferred Stock – Effective September 4, 2014 to September 16, 2015" Oct 30, 2015. Alacra Store. May 12, 2025. <http://www.alacrastore.com/fitch-credit-research/Rating-Puerto-Rico-Closed-End-Fund-Debt-and-Preferred-Stock-8211-Effective-September-4-2014-to-September-16-2015-765548_report_frame>

APA:	Fitch Research. (). Rating Puerto Rico Closed-End Fund Debt and Preferred Stock – Effective September 4, 2014 to September 16, 2015 Oct 30, 2015. New York, NY: Alacra Store. Retrieved May 12, 2025 from <http://www.alacrastore.com/fitch-credit-research/Rating-Puerto-Rico-Closed-End-Fund-Debt-and-Preferred-Stock-8211-Effective-September-4-2014-to-September-16-2015-765548_report_frame>

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