Fitch assigns AA to Pimco preferreds

Fitch Ratings said it assigned AA long-term ratings to the series 2054 remarketable variable-rate muniterm preferred shares issued across the following nine municipal closed-end funds managed by Pacific Investment Management Co. LLC.

Pimco’s tender offer to buy up to 100% of the nine closed-end funds outstanding auction rate preferred shares ended on April 12. To replace certain amounts of the leverage associated with the tendered ARPS, the CEFs issued the series 2054 shares.

The ratings apply to $134 million of series 2054 Rvmtp shares issued by Pimco Municipal Income Fund (PMF) $253 million of series 2054 Rvmtp shares issued by Pimco Municipal Income Fund II (PML), $124 million of series 2054 Rvmtp shares issued by Pimco Municipal Income Fund III (PMX), $102 million of series 2054 Rvmtp shares issued by Pimco California Municipal Income Fund (PCQ), $90 million of series 2054 Rvmtp shares issued by Pimco California Municipal Income Fund II (PCK), $81 million of series 2054 Rvmtp shares issued by Pimco California Municipal Income Fund III (PZC), $41 million of series 2054 Rvmtp shares issued by Pimco New York Municipal Income Fund (PNF), $50 million of series 2054 Rvmtp shares issued by Pimco New York Municipal Income Fund II (PNI) and $26 million of series 2054 Rvmtp shares issued by Pimco New York Municipal Income Fund III (PYN).

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