Fitch cuts Virtus AllianzGI notes, preferreds

Fitch Ratings said it downgraded to A from AA the long-term ratings assigned to the senior secured notes and the series A mandatory redeemable preferred shares issued by Virtus AllianzGI Diversified Income & Convertible Fund.

Fitch also lowered to A from AA the ratings assigned to the series A cumulative preferred shares issued by Virtus AllianzGI Convertible & Income Fund and the auction-rate preferred shares and series A cumulative preferred shares issued by Virtus AllianzGI Convertible & Income Fund II.

The agency removed all the ratings from rating watch negative and 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 fund's credit profile,” the agency said in a press release.

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