Fitch rates Nuveen preferreds AA

Fitch Ratings said it assigned an AA rating to Nuveen Floating Rate Income Fund’s $35 million of series 2024 term preferred shares due 2024.

The issuer will use the proceeds to partially pay down its credit facility.

The agency said the AA rating primarily reflects sufficient asset coverage, the structural protections afforded by mandatory deleveraging provisions in the event of asset coverage declines, the legal and regulatory parameters that govern the operations of the fund and the capabilities of Nuveen Fund Advisors, LLC as investment adviser and Symphony Asset Management LLC as subadviser.

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