Wednesday May 1st, 2013
Standard & Poor’s Ratings Services today said it assigned its ‘P-2(Low)f’ Canadian national credit quality scale rating and its ‘BBB-f’ global credit quality scale rating on the Limited Duration Investment Grade Preferred Securities Fund.
The Limited Duration Investment Grade Preferred Securities Fund is an investment fund established as a trust under the laws of the Province of Ontario pursuant to a declaration of trust that proposes to issue redeemable, transferable Class A units and Class F units. Purpose Investments Inc. (Purpose) is the trustee, manager, and promoter of the fund. The portfolio will be actively managed by Nuveen Asset Management LLC (NAM), which serves as portfolio adviser.
The ‘P-2(Low)f ‘and ‘BBB-f’ ratings reflect the credit quality of the fund’s portfolio investments, which will consist primarily of preferred securities, including hybrid preferred securities, and various debt instruments. The primary focus will be on the financial services sector.
The portfolio will be actively managed by NAM, seeking to capitalize on historically wide credit spreads and similar duration U.S. dollar-denominated investment-grade bonds currently available in the market. The fund will invest at least 80% of the total assets in investment-grade preferred securities (including hybrid securities), at least 80% of the total assets in investment-grade securities, and 100% of the total assets in U.S. dollar-denominated securities.
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