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The fund is organized as a diversified, closed-end investment management company which commenced operations in December 2002. The fund's investment objective is to provide current income exempt from federal income tax, including alternative minimum tax. The fund invests substantially all of its assets in tax exempt securities. The fund maintains a dollar-weighted average portfolio maturity of 3 to 10 years and a dollar-weighted average duration of 3 to 8 years.
The rating confirmation is based on the credit quality of the fund's underlying portfolio, available asset coverage to rated AMPS, and the capabilities of the fund's investment manager, Federated Investors, Inc. At the time of the rating confirmation, the fund's pro-forma AMPS coverage ratio, calculated in accordance with the Fitch Basic Maintenance Amount Test, was deemed to satisfy the minimum coverage ratio of at least 100%. Additionally, the fund's pro-forma AMPS coverage ratio calculated in accordance with the requirements of the Investment Company Act of 1940, as amended, was deemed to satisfy regulatory requirements mandating an asset coverage ratio of at least 200%. As of March 10, 2009, the fund's total leverage was approximately 39% of its total assets.
Federated Investors, Inc. serves as investment manager for the fund. As of Dec. 31, 2008, Federated Investors, Inc. had approximately $407 billion in assets under management.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
SOURCE: Fitch Ratings
Fitch Ratings Yuriy Layvand, CPA 212-908-9191 Viktoria Baklanova, CFA 212-908-9162 (New York) Media Relations: Sandro Scenga, 212-908-0278 sandro.scenga@fitchratings.com.
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
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