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The fund is organized as a diversified, closed-end investment management company that 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 investment-grade tax-exempt securities. The fund maintains a dollar-weighted average portfolio maturity of 15 to 30 years and a dollar-weighted average duration of 7 to 13 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 31, 2009, the fund's total leverage was approximately 41% 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, +1-212-908-9191 (New York) Viktoria Baklanova, CFA, +1-212-908-9162 (New York or Media Relations: Sandro Scenga, +1-212-908-0278 (New York) sandro.scenga@fitchratings.com
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