Fitch Affirms PIMCO High Income Fund Pfd Shares Rtgs.
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 (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.
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'.
|Printer friendly Cite/link Email Feedback|
|Date:||Sep 28, 2004|
|Previous Article:||Cypress Bioscience Inc. to Present at UBS Global Life Sciences Conference.|
|Next Article:||Morgan Stanley Quality Municipal Securities Today Declared Monthly Income Dividends from Tax-Free Income.|