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Fitch rates two DWS preferreds AA
Fitch Ratings has assigned AA long- term ratings to the variable rate munifund term preferred shares (VMTP shares) issued by two closed-end funds managed by DWS Investment Management Americas, Inc. in connection with the refinancing described below:
The ratings follow Fitch’s proposed rating changes for closed-end funds, the agency said.
The funds are the DWS Municipal Income Trust (KTF) with $198.75 million of series 2020-1 VMTP shares and DWS Strategic Municipal Income Trust (KSM) with $70 million of series 2020-1 VMTP shares.
KTF will use the proceeds to fully redeem the outstanding shares of its series 2018 floating-rate municipal term preferred shares (MTP shares). Likewise, KSM will use the proceeds to fully redeem the outstanding shares of its series 2018 MTP shares. The series 2018 MTP shares of each fund are now marked paid in full by Fitch.
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