Fitch acts on Invesco Municipal funds

Fitch Ratings said it downgraded the long-term ratings assigned to the variable-rate munifund term preferred shares issued by municipal closed-end funds managed by Invesco Advisers, Inc. to AA from AAA. Fitch also cut the long-term ratings on the VMTP shares issued by Invesco Municipal Income Opportunities Trust to A from AAA. The agency also removed all the ratings from under criteria observation.

“The downgrades are driven by changes to Fitch's rating criteria for closed-end funds (CEFs), rather than by any fundamental changes to the funds' credit profile,” the agency said in a press release.

The funds are Invesco California Value Municipal Income Trust, Invesco Municipal Opportunity Trust, Invesco Value Municipal Income Trust, Invesco Pennsylvania Value Municipal Income Trust, Invesco Quality Municipal Income Trust, Invesco Trust for Investment Grade Municipals, Invesco Trust for Investment Grade New York Municipals, Invesco Municipal Trust and Invesco Advantage Municipal Income Trust II

Additionally, Fitch affirmed the AA rating assigned to Invesco Quality Municipal Income Trust’s VMTP shares.

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