Fitch gives A to Nuveen preferreds

Fitch Ratings said it assigned an A long-term rating to the $270 million of series B taxable fund preferred shares (TFP shares) issued by Nuveen Preferred & Income Opportunities Fund (JPC).

The agency also affirmed the outstanding A long-term rating assigned to the $150 million of JPC’s series A TFP shares. The fund is managed by Nuveen Fund Advisors, LLC.

“Today, NFA announced the closing of fund mergers whereby target funds Nuveen Preferred and Income Fund (JPT) and Nuveen Preferred & Income Securities Fund (JPS) have merged with and into NPIOF Merger Sub, LLC (NPIOF)– a wholly owned subsidiary of acquiring fund JPC. Immediately after the mergers, NPIOF shall own all of the assets and liabilities of the two target funds. As soon as practicable following the completion of the mergers, acquiring fund JPC will acquire the assets and liabilities of NPIOF, and NPIOF will be dissolved under Massachusetts law,” Fitch said in a press release.

The common shares of JPT and JPS will converted into an equivalent number of JPC shares.

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