Fitch acts on Western Asset Municipal

Fitch Ratings said it downgraded the long-term ratings assigned to the variable-rate demand preferred shares issued by Western Asset Intermediate Muni Fund Inc., Western Asset Managed Municipals Fund Inc. and Western Asset Municipal Partners Fund Inc. to AA from AAA. Fitch also cut the long-term ratings on the auction-rate preferred shares issued by Western Asset Intermediate and Western Asset Managed to AA from AAA.

“The downgrades are driven by changes to Fitch's rating criteria for closed-end funds (CEFs), rather than by any fundamental changes to the funds' credit profile,” the agency said in a press release.

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