Fitch acts on Western Asset preferreds

Fitch Ratings said it assigned an AA long-term rating to the series 2 variable-rate demand preferred shares (VRDP shares) issued by Western Asset Managed Municipals Fund Inc. (NYSE: MMU). Fitch also affirmed the AA long-term ratings assigned to MMU’s series 1 VRDP shares.

Western Asset announced the closing of a fund merger whereby Western Asset Municipal Partners Fund Inc. (NYSE: MNP) merged with and into MMU under Maryland General Corporation Law.

“As a result of the merger, each share of MNP common stock has converted into an equivalent dollar amount of MMU common shares. MMU will not issue fractional shares to MNP stockholders and will pay cash to each former holder of MNP common stock in an amount equal to the net asset value of the fractional shares of MMU common stock that the investor would otherwise have received in the merger,” Fitch said in a press release.

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