Fitch cuts three Gabelli preferreds

Fitch Ratings said it downgraded the auction-rate cumulative preferred stock sold by Gabelli Equity Trust Inc., Gabelli Utility Trust and Gabelli Dividend & Income Trust Inc. to A from AA. The agency removed the ratings from rating watch negative and from under criteria observation.

“The downgrades are driven by changes to Fitch’s rating criteria for closed-end funds, rather than by any fundamental changes to the funds’ credit profile,” Fitch said in a press release.

Fitch said it has not reviewed or assigned ratings to the funds’ retail fixed-rate preferred shares.

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