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Moody’s rates Gabelli Healthcare preferreds A2
Moody's Investors Service said it assigned an A2 rating to Gabelli Healthcare & WellnessRx Trust's fixed-rate 5.875% series B cumulative preferred shares.
The agency also affirmed the A2 rating of the fund's fixed-rate 5.76% series A cumulative preferred shares.
The long-term rating of the preferred shares is based on the Fund's adjusted leverage, portfolio profile and fixed-charge coverage, as calculated by Moody's, combined with an assessment of the preferred shares' relative priority of claim.
Moody’s said the A2 rating is supported by the fund's asset coverage, but is constrained by both its increased leverage and higher sector concentration in equity securities relative to peers, as well as weak fixed-charge coverage.
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