Moody's rates RiverNorth/DoubleLine preferreds A1

Moody's Investors Service said it assigned an A1 (sf) rating to the 2.4 million series B cumulative preferred shares to be sold by RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. (NYSE: OPP). The rating agency also affirmed the A1(sf) rating on OPP's outstanding preferred shares.

The fund plans to raise about $60 million in publicly traded preferred shares that will rank pari passu with the fund's outstanding preferred shares.

“The A1 (sf) preferred share rating reflects OPP's strong risk-adjusted asset coverage ratio, solid investment performance and capacity to make periodic payments as well as its overexposure to lower quality mortgage-backed securities,” Moody’s said in a press release.

The proceeds will be used to pay down senior securities and for general fund purposes.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.