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Moody's assigns BlackRock preferreds Aa1
Moody's Investors Service said it assigned a long-term Aa1 rating to variable rate muni term preferred shares (VMTP shares) issued by BlackRock Municipal Income Investment Trust (BBF).
The VMTP Shares are being issued in connection with the fund's upcoming merger with and into BlackRock Municipal Income Trust II, the agency said.
The proceeds will be used to redeem all of BBF's outstanding variable rate demand preferred shares (VRDP shares) before the reorganization. Subsequently, the ratings on the VRDP Shares have been withdrawn, Moody’s said.
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