Fitch Rates First Puerto Rico Tax-Exempt Fund's CEOs 'A+/F1'.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 rates the First Puerto Rico Tax-Exempt Fund, Inc. short-term collateralized exempt obligations (CEOs) and medium-term collateralized exempt obligations 'F1' and 'A+', respectively. The ratings are based on asset coverage and collateral maintenance amount tests, as well as the track record of the asset manager. The fund is an open-end management investment company that invests primarily in fixed-income securities Fixed-income securities Investments that have specific interest rates, such as bonds. , including Puerto Rico and U.S. Government securities, mortgage-backed and asset-backed securities and municipal obligations. The fund is registered under the Puerto Rico Investment Companies Act which allows it to borrow funds through the issuance of debt and preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . Under the Puerto Rico Investment Companies Act, the fund may borrow up to 50% of its total assets. The fund is required to invest at least 67% of total assets in Puerto Rican obligations. Additionally, the fund is required to invest at least 95% of total assets in investment-grade securities. Both the collateralized exempt obligations issued by the First Puerto Rico Tax-Exempt Fund, and the shares of the Fund, may only be offered to residents of Puerto Rico. The asset manager, Santander Asset Management Corporation, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Santander Securities Corporation, offers investment advisory and management services to individual and institutional clients in Puerto Rico. 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.derivativefitch.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. Fitch means Fitch, Inc., 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. , Ltd. and their subsidiaries including Derivative Fitch, Inc. and Derivative Fitch Ltd. and any successor or successors thereto. |
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