Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers E > Headlines for Eaton Vance Limited Duration Income Fund > News item |
Fitch cuts Eaton Vance preferreds
Fitch Ratings said it downgraded the AAA ratings assigned to the auction preferred shares issued by Eaton Vance Senior Floating-Rate Trust and Eaton Vance Limited Duration Income Fund to AA and placed them on rating watch negative. The funds are managed by Eaton Vance Management.
“The downgrades and RWNs reflect recent extreme market volatility and reduced asset liquidity, which have quickly eroded asset coverage cushions for closed-end funds and challenged fund managers' ability to deleverage. While the Eaton Vance closed-end funds were able to manage leverage and asset coverage in line with required guidelines specified in transaction documentation, risks remain with regards to the funds' ability to sell assets at sufficient valuations at stress levels corresponding with the current high ratings,” Fitch said in a press release.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.