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Fitch Rates Puerto Rico Fixed Income Fund's Global Equity Notes 2007-A 'A+'.

NEW YORK -- Fitch rates The Puerto Rico Fixed Income Fund, Inc.'s $3,000,000 Global Equity Linked Principal Protected Notes, Series 2007-A 'A+'. The ratings are based on asset coverage and basic maintenance amount tests for the fund, and the experience and capabilities of the asset manager.

The fund is a closed-end management investment company that invests primarily in Puerto Rican mortgage-backed securities and government obligations, U.S. treasuries, and U.S. agency issuances. The fund is registered under the Puerto Rico Investment Companies Act, which permits closed-end funds to borrow funds through the issuance of debt and preferred stock. Under the Puerto Rico Investment Companies Act, the fund may borrow up to 50% of their total assets. The fund is required to invest at least 67% of total assets in Puerto Rican obligations. Additionally, it is required to invest at least 80% of total assets in investment-grade securities.

UBS Asset Managers of Puerto Rico is the investment adviser for the fund, and is a division of UBS Trust Company of Puerto Rico. UBS Trust Company of Puerto Rico is the collateral agent, and an affiliate of UBS AG, and UBS Financial Services Puerto Rico, the fund's dealer.

The Puerto Rico Fixed Income Fund's Principal Protected Notes may be purchased by or transferred exclusively to individuals having their principal residence within the Commonwealth of Puerto Rico and to persons, other than individuals, organized under the laws of Puerto Rico and whose principal office and principal place of business are located within the Commonwealth of Puerto Rico.

Fitch's rating definitions and the terms of use 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 are also available from the 'Code of Conduct' section of this site. Fitch means Fitch, Inc., Fitch Ratings, Ltd. and their subsidiaries including Derivative Fitch, Inc. and Derivative Fitch Ltd. and any successor or successors thereto.
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Publication:Business Wire
Date:Jan 31, 2007
Words:344
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