Fitch Rates Aberdeen Asia-Pacific Income Fund's Preferred Shares 'AA'.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 -- Aberdeen Asia-Pacific Income Fund, Inc's (AMEX AMEX See: American Stock Exchange : FAX) auction market 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. (AMPS) Series A, B, C, D, E, F, G, H, and I are rated 'AA' by 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. . The ratings are based on asset coverage and preferred share basic maintenance amount tests, as well as the quality and experience of the asset manager. Aberdeen Asia-Pacific Income Fund, Inc. (the Fund) is a closed-end management investment company. The Fund's investment objective is to seek current income by investing primarily in Asian and Australian debt securities. The Fund is registered under the Investment Company Act of 1940, which permits closed-end funds to issue preferred shares provided they maintain 200% asset coverage. As of May 2007, the Fund's current leverage from the AMPS was approximately 26% of its total assets and it has no outstanding debt. Aberdeen Asset Management Aberdeen Asset Management plc is an international investment management group, managing assets for both institutions and private individuals from offices around the world. It is based in Aberdeen, Scotland and listed on the London Stock Exchange (LSE: ADN). Asia Limited is the Fund's investment manager and Aberdeen Asset Management Limited is the Fund's investment adviser. Both are wholly-owned subsidiaries of Aberdeen Asset Management PLC (Aberdeen). Aberdeen is the parent company of an asset management group managing approximately US$157.7 billion in assets as of March 31, 2007 for a range of pension funds, financial institutions, investment trusts, unit trusts, offshore funds, charities and private clients, in addition to U.S. registered investment companies. The investment management team is split between London, Singapore and Sydney allowing for local market expertise in the investment process. The AMPS are comprised of 3,000 shares of Series A; 3,000 shares of series B; 2,000 shares of series C; 4,000 shares of series D; 2,000 shares of series E; 2,000 shares of series F; 3,000 shares of series G; 2,500 shares of series H; and 2,500 shares of series I, with a total liquidation preference of US$600 million. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. 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 Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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