Fitch cuts Duff & Phelps fund notes

Fitch Ratings said it downgraded the ratings assigned to the senior secured notes and the mandatory redeemable preferred shares issued by DNP Select Income Fund Inc. to AA from AAA and placed the ratings on rating watch negative (RWN).

Fitch also placed the AA ratings assigned to the preferreds of Duff & Phelps Utility and Infrastructure Fund on RWN.

“The downgrades and RWN 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 de-leverage,” Fitch said in a press release.

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