Fitch Affirms PIMCO High Income Fund Pfd Shares Rtgs.
NEW YORK New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings
An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. affirms the ratings on the following PIMCO PIMCO Pacific Investment Management Company High Income Fund preferred shares Preferred shares
Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. at 'AAA':
PIMCO High Income Fund
--Auction rate cumulative preferred shares 7,200 shares series M;
--Auction rate cumulative preferred shares 7,200 shares series T;
--Auction rate cumulative preferred shares 7,200 shares series W;
--Auction rate cumulative preferred shares 7,200 shares series TH;
--Auction rate cumulative preferred shares 7,200 shares series F.
The affirmation is based on the fund's consistent compliance with asset coverage and preferred share basic maintenance amount tests, as well as the quality and experience of the asset manager.
The PIMCO High Income Fund is a closed-end management investment company, which invests principally in U.S. corporate debt obligations and other corporate income-producing securities, specifically high-yield debt. The fund is registered under the Investment Company Act of 1940, which permits closed-end funds to borrow funds through the issuance of debt and preferred stock. Under the 1940 Act, closed-end funds may borrow up to 50% of the fund's value through the issuance of preferred shares and debt. The fund's current preferred share issuance equates to roughly 35% of its net asset value and the fund has no outstanding debt.
Pacific Investment Management Company LLC (Logical Link Control) See "LANs" under data link protocol.
LLC - Logical Link Control (PIMCO) serves as the Fund's sub-adviser responsible for managing the fund's portfolio investments. Organized in 1971, PIMCO provides investment management and advisory services to private accounts of institutional and individual clients and to mutual funds. As of June 30, 2004, PIMCO had approximately $392 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. .
Fitch will continue to monitor and review this transaction for future rating adjustments. Additional deal information and historical data are available on the Fitch Ratings web site at 'www.fitchratings.com'.