Fitch Rates ING Clarion Global Real Estate Income Fund Pfd Shares 'AAA'.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 ING Clarion Global Real Estate Income Fund's (AMEX AMEX See: American Stock Exchange :IGR IGR insect growth regulator. ) 4,000 auction market preferred shares (AMPS) Series TH and 4,000 AMPS Series F 'AAA'. 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. Fitch also affirms the first AMPS issuance of 4,000 shares Series A, 4,000 shares Series B, 4,000 shares Series C, 4,000 shares Series D, 6,200 shares Series T, and 6,200 shares Series W, which closed on May 20, 2004, at 'AAA'. The additional issuance of series TH and Series F results in total AMPS of $910,000,000, increasing the funds leverage to approximately 28.3% from 23.6%. ING Clarion Global Real Estate Income Fund is a closed-end management investment company that invests primarily in a portfolio of income-producing real estate securities, including real estate investment trusts (REITs). The fund is registered under the Investment Company Act of 1940, which permits closed-end funds to borrow up to 50% of the fund's value through the issuance of preferred shares. ING Clarion Real Estate Securities (RES) is the fund's investment advisor. ING Clarion RES had approximately $16.4 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. as of Sept. 30, 2006. An affiliate, ING Clarion Partners, manages over $19.4 billion of private market real estate with nearly 600 employees operating from 28 offices nationwide. Another affiliate, ING Clarion Capital LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control is a real estate fixed income manager with approximately $2.7 billion in assets under management. All three entities share a common real estate research platform and manage collectively over $38.5 billion in diverse real estate securities and real estate assets. ING Clarion is the U.S. investment management arm of ING Group's Real Estate Division (ING Real Estate). ING Real Estate is the largest global real estate manager and investor with $97 billion in real estate assets under management. 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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