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Moody’s assigns Nuveen preferreds A1
Moody's Investors Service said it assigned an A1 long-term rating to a new series of preferred shares issued by Nuveen Preferred & Income Opportunities Fund (JPC) in connection with its planned merger with Nuveen Preferred & Income Securities Fund (NYSE: JPS) and Nuveen Preferred and Income Fund (NYSE: JPT).
The agency also affirmed the A1 rating on JPC's outstanding preferred shares.
Moody's said it withdrew JPS' A1 preferred share rating because the mergers are expected to become effective before markets open on Nov. 6.
Shareholders are expected to get newly issued preferred shares on a one-for-one basis.
“Post-merger, JPC's managed assets will triple to approximately $3.6 billion and provide the fund with economies of scale, increased financial flexibility, and improved market liquidity for its common shareholders,” Moody’s said in a press release.
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