S&P cuts Western Asset series M shares

S&P said it lowered its rating on Western Asset Municipal Partners Fund Inc.’s series M auction rate preferred stock to AA from AAA. The agency removed the rating from CreditWatch, where it was placed with negative implications on June 21.

“Today's downgrade reflects the quantitative analysis using our Market Value Evaluator, which indicated that the assets are currently insufficient to support the AAA rating given their current characteristics and corresponding haircuts (see ‘Methodology and Assumptions For Market Value Securities,’ published Sept. 17, 2013),” S&P said in a press release.

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