Moody’s rates Nuveen fund Aa2

Moody's Investors Service said it assigned an Aa2 long-term issuer rating to Nuveen Preferred & Income Opportunities Fund (NYSE: JPC).

“JPC's Aa2 issuer rating reflects its strong risk-adjusted asset coverage and fixed charge coverage ratios. However, the rating is constrained by the fund's concentrated exposure to the financial services sector,” the agency said in a press release.

Moody’s added, “The rating is also supported by the fund's strong risk-adjusted asset coverage ratio which over the same period has been maintained at an Aaa rating factor score. Additionally, the portfolio's short duration has kept JPC's fixed charge coverage in line with Aa-rated closed-end funds. For the trailing 12 months ended Oct. 31, 2023, net investment income covered fixed charges at about 3.8 times.”

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