Fitch rates BlackRock preferreds AA

Fitch Ratings said it assigned an AA long-term rating to the $52 million of series W-7 variable rate muni term preferred shares issued by municipal closed-end fund BlackRock Municipal Income Investment Trust (BBF) in connection with the planned fund reorganizations described below.

“The assigned rating is driven by changes to Fitch's rating criteria for closed-end funds (CEFs), rather than by any fundamental changes to the fund's credit profile,” the agency said in a press release.

The fund sold preferred shares to refinance the outstanding series W-7 variable rate demand preferred shares. Fitch said it considers the demand preferred shares paid in full.

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