Fitch cuts two Pioneer funds preferreds

Fitch Ratings said it downgraded the ratings assigned to Pioneer Municipal High Income Trust’s and Pioneer Municipal High Income Advantage Trust’s variable rate munifund term preferred shares to AA from AAA. The ratings have also been removed from under criteria observation.

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

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