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Moody’s acts on Pimco preferreds
Moody’s Investors Service said it raised Pimco High Income Fund’s (PHK) auction rate preferred shares to A1 (sf) from A2 (sf) but downgraded the ratings of ARPS issued by Pimco Corporate & Income Strategy Fund (PCN), Pimco Income Strategy Fund (PFL) and Pimco Income Strategy Fund II (PFN) to A1 (sf) from Aa3 (sf).
“The actions on PHK, PCN, PFL and PFN reflect trends in the funds' risk-adjusted asset coverage metrics and the evolution of their sector exposures over the past two years, which has led to a general convergence of the funds' credit profiles at a level that supports their A1 (sf) rating,” Moody’s said in a press release.
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