Fitch Affirms Preferred Shares Issued by 42 Nuveen Closed-End Funds

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings affirms all long-term ratings assigned to Variable Rate Demand Preferred Shares (VRDP shares), MuniFund Term Preferred Shares (MTP shares), Institutional MuniFund Term Preferred Shares (iMTP shares) and Variable Rate MuniFund Term Preferred Shares (VMTP shares) issued by 39 municipal closed-end funds managed by Nuveen Fund Advisors, LLC (NFA) and subadvised by Nuveen Asset Management, LLC (NAM).

Fitch also affirms the short-term ratings assigned to 36 series of VRDP Shares issued by a portion of the municipal closed end funds. The short-term ratings reflect the credit strength of the respective liquidity providers.

Fitch also affirms all long-term ratings assigned to Variable Rate Term Preferred Shares (VRTP Shares) issued by three loan closed-end funds managed by NFA and subadvised by Symphony Asset Management, LLC (Symphony).

A complete list of the funds and the associated ratings is included at the end of this press release.

FUND PROFILES

Fitch rates $8.9 billion of preferred stock issued by the 42 Nuveen CEFs, with $33.8 billion of assets under management. The funds are closed-end management investment companies regulated by the Investment Company Act of 1940.

The municipal closed-end funds invest a significant portion of total assets in securities rated at least investment grade. The municipal closed-end funds also invest a significant portion of their total assets in securities whose income is exempt from federal income taxes (for national funds) and both federal and applicable state income taxes (for single state funds). The loan funds invest primarily in non-investment grade senior loans.

KEY RATING DRIVERS

The long-term ratings primarily reflect:

–Sufficient asset coverage provided to the preferred shares as calculated per the funds’ over-collateralization (OC) tests;

–The structural protections afforded by mandatory de-leveraging provisions in the event of asset coverage declines;

–The legal and regulatory parameters that govern the funds’ operations;

–Both the short- and long-term ratings also reflect the capabilities of NFA as investment advisor and NAM or Symphony as subadvisor.

The short-term ratings, where applicable, primarily reflect:

–The credit strength of the VRDP Shares’ liquidity providers;

–The terms and conditions of the VRDP shares purchase agreements.

PREFERRED SHARE ASSET COVERAGE

As of Feb. 28, 2015, the funds’ asset coverage ratios for total outstanding preferred shares, as calculated in accordance with the Investment Company Act of 1940, was in excess of the minimum asset coverage of 225% required by the funds’ governing documents (Preferred Shares Asset Coverage Test).

As of the same date, the funds’ effective leverage ratios were below the 50% maximum leverage ratio allowed by the funds’ governing documents for the MTP shares, and below the 45% maximum leverage ratio allowed by the funds’ governing documents for the iMTP, VMTP, VRTP and VRDP shares.

PREFERRED SHARE STRUCTURAL PROTECTIONS

In the event of asset coverage declines, the funds’ governing documents require the funds to reduce leverage in order to restore compliance with the applicable asset coverage test.

Minimum Asset Coverage compliance is tested daily for the MTP, iMTP, VRTP and VMTP shares and monthly for the VRDP shares. Compliance with the Effective Leverage Ratio is tested daily for all preferred shares.

For MTP, iMTP and VMTP Shares, failure to cure a breach of the Minimum Asset Coverage requirement by the allotted cure date results in mandatory redemption of sufficient preferred shares to restore compliance. With respect to the VRTP Shares, failure to cure a breach of the Minimum Asset Coverage requirement by the allotted cure date requires the repayment of indebtedness or corrective trades. To facilitate redemption, the fund will deposit sufficient funds with a third-party tender and paying agent. The time allowed for the funds to restore compliance is consistent with Fitch’s 60 business day criteria guideline.

For MTP, iMTP and VMTP Shares, a breach of the Effective Leverage Ratio threshold requires the fund to redeem a sufficient number of preferred shares, and / or reduce the amount of TOBs the fund has outstanding in order to restore compliance. The time allowed for the funds to restore compliance is consistent with Fitch’s 60 business day criteria guideline.

For the VRTP Shares, if a breach of the Effective Leverage Ratio is not cured by the applicable cure date, each of the funds must restore compliance by (i) depositing enough funds with a third-party custodian to redeem a sufficient number of preferred shares, (ii) repaying indebtedness, (iii) engaging in corrective trades of certain fund assets or (iv) utilizing a combination of all three actions noted above.

For VRDP Shares of each series, a breach of the Effective Leverage Ratio is a breach of the fee agreement with the applicable liquidity provider and at the option of the applicable liquidity provider, may result in mandatory tender of VRDP Shares of the applicable series for remarketing (see the VRDP Purchase Obligation section below for additional details). However, in the event of a breach Fitch expects the fund to redeem a sufficient number of preferred shares or reduce the amount of TOBs outstanding in order to restore compliance. The allotted time to restore compliance to the Effective Leverage Ratio test is consistent with Fitch’s 60 business day criteria guideline.

VRDP PURCHASE OBLIGATION

The short-term ratings assigned to the VRDP Shares of each series are directly linked to the short-term creditworthiness of the associated liquidity provider. The VRDP Shares are supported by a purchase agreement to ensure full and timely repayment of all tendered VRDP Shares plus any accumulated and unpaid dividends. The purchase agreement is unconditional and irrevocable.

The VRDP purchase agreement requires the liquidity provider to purchase all VRDP Shares of the applicable series tendered for sale that were not successfully remarketed. The liquidity provider must also purchase all outstanding VRDP Shares of the applicable series if the fund has not obtained an alternate purchase agreement prior to the termination of the purchase agreement being replaced or following the downgrade of the liquidity provider’s rating below ‘F2′ (or equivalent).

The liquidity provider’s role under the fee agreement relating to the purchase obligation for each applicable series has a scheduled termination date. Prior to the scheduled termination date, the fee agreement can be extended to a new scheduled termination date, or a new liquidity provider may be selected. Any future changes to the terms of the fee agreement that weakens the structural protections discussed above may have negative rating implications.

STRESS TESTS

Fitch performed various stress tests on the funds to assess the strength of the structural protections available to the preferred shares compared to the rating stresses outlined in Fitch’s closed-end fund rating criteria. These tests included determining various ‘worst case’ scenarios where the funds’ leverage and portfolio composition migrated to the outer limits of the funds’ operating and investment guidelines.

Only under remote circumstances, such as increasing the funds’ issuer concentration, while simultaneously migrating the portfolios to 80% ‘BBB’, 10+ years to maturity bonds and 20% high yield bonds, did the asset coverage available to the preferred shares fall below the ‘AAA’ threshold, and instead passed at an ‘AA’ rating level.

For several of the funds that invest in high yield municipal bonds, only under certain circumstances, such as increasing the funds’ state and sector concentration while simultaneously migrating the portfolios to a mix of 50% long-term ‘BBB’ bonds and 50% high yield bonds, did the asset coverage available to the preferred shares fall below the ‘AAA’ threshold, and instead passed at an ‘AA’ rating level.

Given the highly unlikely nature of the stress scenarios and the minimal rating impact, Fitch views the funds’ permitted investments, municipal issuer diversification framework and mandatory deleveraging mechanisms as consistent with an ‘AAA’ rating.

THE ADVISORS

NFA, a subsidiary of Nuveen Investments, is the investment advisor for the 42 Nuveen funds. NFA is responsible for the funds’ overall investment strategies and their implementation. NAM is a subsidiary of NFA and oversees the day-to-day operations of the 39 municipal closed-end funds. Symphony is a subsidiary of NFA and oversees the day to day operations of the three loan closed-end funds.

Nuveen Investments and its affiliates had approximately $230.8 billion of assets under management as of Dec. 31, 2014.

RATINGS SENSITIVITY

The ratings assigned to the preferred shares may be sensitive to material changes in the leverage composition, portfolio credit quality or market risk of the funds, as described above. A material adverse deviation from Fitch guidelines for any key rating driver could cause ratings to be lowered by Fitch.

Certain terms relevant to key VRDP structural protections, including the Minimum Asset Coverage and the Effective Leverage Ratio are set forth in the fee agreements relating to the purchase agreements and are renewed on a periodic basis. Any future changes to these terms that weaken the structural protections may have negative rating implications.

The short-term ratings assigned to the VRDP shares may also be sensitive to changes in the financial condition of the liquidity provider. A downgrade of the liquidity provider to ‘F2′ would result in a downgrade of the short-term ratings of the VRDP shares to ‘F2′, absent other mitigants. A downgrade below ‘F2′, on the other hand, would not necessarily result in a downgrade of the short-term rating of the VRDP shares, given the features in the transactions that would result in a mandatory tender of the VRDP shares for remarketing, or purchase by the liquidity provider in the event of a failed remarketing.

The funds have the ability to assume economic leverage through derivative transactions which may not be captured by the funds’ Minimum Asset Coverage test or Effective Leverage Ratio. The municipal closed-end funds do not currently engage in derivative activities and do not envision engaging in material amounts of such activity in the future. In fact, such activity is limited by the funds’ investment guidelines and could run counter to the funds’ investment objectives of achieving tax-exempt income. The loan fund’s portfolios do not currently contain any derivative transactions and do not envision engaging in material amounts of such activity in the future. Material derivative exposures in the future could have potential negative rating implications if it adversely affects asset coverage available to rated preferred shares.

For additional information about Fitch rating guidelines applicable to debt and preferred stock issued by closed-end funds, please review the criteria referenced below, which can be found on Fitch’s web site at ‘www.fitchratings.com‘.

Fitch has affirmed the ratings on the preferred shares of the Nuveen-managed funds as follows:

Nuveen AMT-Free Municipal Income Fund (NEA):

–$151,000,000 of VMTP Shares, Series 2016, term redemption on Dec. 30, 2016, at ‘AAA’;

–$219,000,000 of VRDP Shares, Series 1, final mandatory redemption on June 1, 2040, at ‘AAA/F1+’. The liquidity provider is Deutsche Bank Trust Company Americas (‘A+/F1+’);

–$130,900,000 of VRDP Shares, Series 2, final mandatory redemption on Dec. 1, 2040, at ‘AAA/F1′. The liquidity provider is Citibank, N.A. (‘A/F1′).

Nuveen Arizona Premium Income Municipal Fund (NAZ)

–$79,000,000 of VMTP Shares, Series 2016, term redemption on Dec. 30, 2016, at ‘AAA’.

Nuveen California AMT-Free Municipal Income Fund (NKX)

–$35,500,000 of VRDP Shares, Series 2, final mandatory redemption on June 1, 2040, at ‘AAA/F1+’. The liquidity provider is Deutsche Bank Trust Company Americas (‘A+/F1+’);

–$42,700,000 of VRDP Shares, Series 3, final mandatory redemption on March 1, 2040, at ‘AAA/F1+’. The liquidity provider is The Toronto-Dominion Bank (TD Bank, ‘AA-/F1+’);

–$109,000,000 of VRDP Shares, Series 4, final mandatory redemption on Dec. 1, 2040, at ‘AAA/F1′. The liquidity provider is Citibank, N.A. (‘A/F1′);

–$104,400,000 of VRDP Shares, Series 5, final mandatory redemption on June 1, 2041, at ‘AAA/F1′. The liquidity provider is Morgan Stanley Bank, N.A. (‘A/F1′);

–$36,000,000 of aggregate liquidation preference of iMTP Shares, series 2018, term redemption on July 1, 2018 rated ‘AAA’.

Nuveen California Dividend Advantage Municipal Fund (NAC):

–$136,200,000 of VRDP Shares, Series 1, final mandatory redemption on June 1, 2041, at ‘AAA/F1′. The liquidity provider is Morgan Stanley Bank, N.A. (‘A/F1′);

–$91,000,000 of VRDP Shares, Series 2, final mandatory redemption on Dec. 1, 2040, rated ‘AAA/F1′. The liquidity provider is Citibank, N.A. (‘A/F1′);

–$49,800,000 of VRDP Shares, Series 3, final mandatory redemption on March 1, 2040, rated ‘AAA/F1+’. The liquidity provider is The Toronto-Dominion Bank (TD Bank, ‘AA-/F1+’);

–$105,600,000 of VRDP Shares, Series 4, final mandatory redemption on Dec. 1, 2042, rated ‘AAA/F1+’. The liquidity provider is Royal Bank of Canada (‘AA/F1+’);

–$158,900,000 of VRDP Shares, Series 5, final mandatory redemption on Aug. 1, 2040, rated ‘AAA/F1′. The liquidity provider is Citibank, N.A. (‘A/F1′);

–$158,100,000 of VRDP Shares, Series 6, final mandatory redemption on Aug. 1, 2040, rated ‘AAA/F1′. The liquidity provider is Citibank, N.A. (‘A/F1′).

Nuveen California Dividend Advantage Municipal Fund 2 (NVX):

–$98,000,000 of VRDP Shares, Series 1, final mandatory redemption on Aug. 3, 2043, at ‘AAA/F1+’. The liquidity provider is Royal Bank of Canada (‘AA/F1+’).

Nuveen California Dividend Advantage Municipal Fund 3 (NZH):

–$160,000,000 of VRDP Shares, Series 1, final mandatory redemption on Sept. 1, 2043, at ‘AAA/F1′. The liquidity provider is Barclays Bank PLC (‘A/F1′).

Nuveen Connecticut Premium Income Municipal Fund (NTC)

–$106,000,000 of VMTP Shares, Series 2017, term redemption on March 1, 2017, at ‘AAA’.

Nuveen Dividend Advantage Municipal Fund (NAD):

–$265,000,000 of VMTP Shares, Series 2016, term redemption on Dec. 30, 2016, at ‘AAA’.

Nuveen Dividend Advantage Municipal Fund 2 (NXZ):

–$196,000,000 of VRDP Shares, Series 2, final mandatory redemption on June 1, 2040, at ‘AAA/F1+’. The liquidity provider is The Toronto-Dominion Bank (TD Bank, ‘AA-/F1+’).

Nuveen Dividend Advantage Municipal Fund 3 (NZF):

–$150,000,000 of iMTP Shares, Series 2017, term redemption on Oct. 1, 2017, at ‘AAA’;

–$81,000,000 of VMTP Shares, Series 2017, term redemption on April 1, 2017, at ‘AAA’.

Nuveen Dividend Advantage Municipal Income Fund (NVG):

–$179,000,000 of VRDP Shares, Series 1, final mandatory redemption on Dec. 1, 2043, at ‘AAA’.

Nuveen Floating Rate Income Fund (JFR):

–$139,000,000 of VRTP Shares, term redemption on Feb. 1, 2017, at ‘AA’.

Nuveen Floating Rate Income Opportunity Fund (JRO):

–$98,000,000 of VRTP Share, term redemption on Feb. 1, 2017, at ‘AA’.

Nuveen Georgia Dividend Advantage Municipal Fund 2 (NKG)

–$75,000,000 of VMTP Shares, Series 2017, term redemption on June 1, 2017, rated ‘AAA’.

Nuveen Intermediate Duration Municipal Term Fund (NID):

–$175,000,000 of VMTP Shares, Series 2016, term redemption on March 1, 2016, at ‘AAA’.

Nuveen Intermediate Duration Quality Municipal Term Fund (NIQ):

–$55,000,000 of VMTP Shares, Series 2016, term redemption on April 1, 2016, at ‘AAA’.

Nuveen Investment Quality Municipal Fund, Inc. (NQM):

–$236,800,000 of VRDP Shares, Series 1, final mandatory redemption on May 1, 2041, at ‘AAA/F1′. The liquidity provider is Barclays Bank plc (‘A/F1′);

–$43,500,000 of VMTP shares, Series 2017, term redemption on May 1, 2017, rated ‘AAA’.

Nuveen Maryland Premium Income Municipal Fund (NMY)

–$167,000,000 of VMTP Shares, Series 2017, term redemption on June 1, 2017, rated ‘AAA’.

Nuveen Massachusetts Premium Income Municipal Fund (NMT):

–$74,000,000 of VMTP Shares, Series 2017, term redemption on Aug. 1, 2017, rated ‘AAA’.

Nuveen Michigan Quality Income Municipal Fund (NUM)

–$159,000,000 of VMTP Shares, Series 2016, term redemption on Dec. 30, 2016, at ‘AAA’.

Nuveen Minnesota Municipal Income Fund (NMS)

–$44,100,000 of VMTP shares, Series 2017, term redemption on May 1, 2017, rated ‘AAA’.

Nuveen Missouri Premium Income Municipal Fund (NOM):

–$18,000,000 of VMTP Shares, Series 2018, term redemption on March 1, 2018, at ‘AAA’.

Nuveen Municipal Advantage Fund, Inc. (NMA):

–$268,800,000 of VRDP Shares, Series 1, final mandatory redemption on March 1, 2040, at ‘AAA/F1′. The liquidity provider is JPMorgan Chase Bank, N.A. (‘A+/F1′).

Nuveen Municipal High Income Opportunity Fund (NMZ):

–$51,000,000 of VMTP Shares, Series 2016, term redemption on Jan. 1, 2016, at ‘AAA’;

–$36,000,000 of VMTP Shares, Series 2016 #1, term redemption on Jan. 1, 2016, at ‘AAA’.

Nuveen Municipal Market Opportunity Fund, Inc. (NMO):

–$350,900,000 of VRDP Shares, Series 1, final mandatory redemption on March 1, 2040, at ‘AAA/F1+’. The liquidity provider is The Toronto-Dominion Bank (TD Bank, ‘AA-/F1+’).

Nuveen Municipal Opportunity Fund, Inc. (NIO):

–$667,200,000 of VRDP Shares, Series 1, final mandatory redemption on Dec. 1, 2040, at ‘AAA/F1′. The liquidity provider is Citibank, N.A. (‘A/F1′).

Nuveen New Jersey Dividend Advantage Municipal Fund (NXJ):

–$81,000,000 of VRDP Shares Series 1, final mandatory redemption on Aug. 3, 2043, affirmed at ‘AAA/F1+’. The liquidity provider is The Toronto-Dominion Bank (TD Bank, ‘AA-/F1+’);

–$144,300,000 of VRDP Shares, Series 2, final mandatory redemption on April 1, 2043, affirmed at ‘AAA/F1+’. The liquidity provider is Royal Bank of Canada (Royal Bank of Canada, ‘AA/F1+’);

–$88,600,000 of VRDP Shares, Series 3, final mandatory redemption on April 1, 2043, affirmed at ‘AAA/F1+’. The liquidity provider is Royal Bank of Canada (Royal Bank of Canada, ‘AA/F1+’).

Nuveen New York AMT-Free Municipal Income Fund (NRK)

–$79,000,000 of iMTP Shares, Series 2017, term redemption on Oct. 1, 2017, at ‘AAA’;

–$112,300,000 of VRDP Shares, Series 1, final mandatory redemption on Aug. 1, 2040, at ‘AAA/F1′. The liquidity provider is Citibank, N.A. (‘A/F1′);

–$164,800,000 of VRDP Shares, Series 2, final mandatory redemption on Aug. 1, 2040, at ‘AAA/F1′. The liquidity provider is Citibank, N.A. (‘A/F1′);

–$161,700,000 of VRDP Shares, Series 3, final mandatory redemption on Dec. 1, 2040, at ‘AAA/F1′. The liquidity provider is Citibank, N.A. (‘A/F1′);

–$50,000,000 of VRDP Shares, Series 4, final mandatory redemption on June 1, 2040, at ‘AAA/F1+’. The liquidity provider is Deutsche Bank Trust Company Americas (‘A+/F1+’).

Nuveen New York Dividend Advantage Municipal Fund (NAN):

–$56,000,000 of VMTP Shares, Series 2017, term redemption on July 1, 2017, rated ‘AAA’.

Nuveen New York Dividend Advantage Municipal Fund 2 (NXK):

–$38,000,000 of VMTP Shares, Series 2017, term redemption on July 1, 2017, rated ‘AAA’.

Nuveen New York Performance Plus Municipal Fund, Inc. (NNP):

–$89,000,000 of VRDP Shares, Series 1, final mandatory redemption on March 1, 2040, at ‘AAA/F1+’. The Liquidity Provider is The Toronto-Dominion Bank (TD Bank, ‘AA-/F1+’).

Nuveen North Carolina Premium Income Municipal Fund (NNC)

–$125,000,000 of VMTP Shares, Shares Series 2017, term redemption on March 1, 2017, at ‘AAA’.

Nuveen Ohio Quality Income Municipal Fund (NUO)

–$148,000,000 of VRDP Shares, Series 1, final mandatory redemption on Sept. 1, 2043, at ‘AAA/F1+’. The liquidity provider is Royal Bank of Canada (‘AA/F1+’).

Nuveen Pennsylvania Investment Quality Municipal Fund (NQP):

–$112,500,000 of VRDP Shares, Series 2, final mandatory redemption on Dec. 1, 2042, at ‘AAA/F1+’. The liquidity provider is Royal Bank of Canada (‘AA/F1+’);

–$105,000,000 of VRDP Shares, Series 3, final mandatory redemption on Dec. 1, 2042, at ‘AAA/F1+’. The liquidity provider is Royal Bank of Canada (‘AA/F1+’);

–$48,000,000 of VMTP Shares, Series 2017, term redemption on June 1, 2017, rated ‘AAA’.

Nuveen Premier Municipal Income Fund, Inc. (NPF):

–$127,700,000 of VRDP Shares, Series 1, final mandatory redemption on May 1, 2041, at ‘AAA/F1′. The liquidity provider is Barclays Bank plc (‘A/F1′).

Nuveen Premium Income Municipal Fund 2, Inc. (NPM):

–$ 489,500,000 of VRDP Shares, Series 1, final mandatory redemption on May 1, 2041, at ‘AAA/F1′. The liquidity provider is Barclays Bank plc (‘A/F1′).

Nuveen Premium Income Municipal Fund 4, Inc. (NPT):

–$262,200,000 of VRDP Shares, Series 1, final mandatory redemption on March 1, 2040, at ‘AAA/F1′. The liquidity provider is JPMorgan Chase Bank, N.A. (‘A+/F1′).

Nuveen Quality Income Municipal Fund, Inc. (NQU):

–$ 385,400,000 of VRDP Shares, Series 1, final mandatory redemption on Dec. 1, 2040, at ‘AAA/F1′. The liquidity provider is JPMorgan Chase Bank, N.A. (‘A+/F1′).

Nuveen Select Quality Municipal Fund, Inc. (NQS):

–$267,500,000 of VRDP Shares, Series 1, final mandatory redemption on May 1, 2041, at ‘AAA/F1′. The liquidity provider is Barclays Bank plc (‘A/F1′).

Nuveen Senior Income Fund (NSL):

–$58,000,000 of VRTP Shares, term redemption Feb. 1, 2017, at ‘AA’.

Nuveen Texas Quality Income Municipal Fund (NTX):

–$70,920,000 of MTP Shares, Series 2015, term redemption on Dec. 1, 2015, at ‘AAA’.

Nuveen Virginia Premium Income Municipal Fund (NPV):

–$128,000,000 of VRDP Shares, Series 1, final mandatory redemption on Aug. 3, 2043, at ‘AAA/F1+’. The liquidity provider is The Toronto-Dominion Bank (‘AA-/F1+’).

Additional information is available at ‘www.fitchratings.com‘. The sources of information used to assess this rating were the public domain and Nuveen Fund Advisors.

Opt-in to receive Fitch’s forthcoming research on closed-end fund:

http://pages.fitchemail.fitchratings.com/FAMCEFBlankOptin/

Applicable Criteria and Related Research:

–’Rating Closed-End Fund Debt and Preferred Stock’ (Sept. 4, 2014);

–’Global Rating Criteria for Asset-Backed Commercial Paper’ (Oct. 30, 2014);

–’Leveraged Closed-End Funds Weather U.S. Rate Shock Scenarios’ (Oct. 7, 2014).

Applicable Criteria and Related Research:

Global Rating Criteria for Asset-Backed Commercial Paper

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=797648

Leveraged Closed-End Funds Weather U.S. Rate Shock Scenarios (Impact on Asset Coverage and Ratings Limited Due to Structural Protections)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=784190

Rating Closed-End Fund Debt and Preferred Stock

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=765528

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=982456

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contact:
Fitch Ratings
Primary Analyst
Ralph Aurora, +1-212-908-0528
Senior Director
Fitch Ratings, Inc.
33 Whitehall St.
New York, NY 10004
or
Primary Analyst
Greg Fayvilevich, +1-212-908-9151
Director
Fitch Ratings, Inc.
33 Whitehall St.
New York, NY 10004
or
Secondary Analyst
Russ Thomas, +1-312-368-3189
Director
or
Committee Chairperson
Ian Rasmussen, +1-212-908-0232
Senior Director
or
Media Relations, New York
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alyssa.castelli@fitchratings.com
Elizabeth Fogerty, +1-212-908-0526
elizabeth.fogerty@fitchratings.com

Source Article from http://finance.yahoo.com/news/fitch-affirms-preferred-shares-issued-205100778.html

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