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Fitch Rates Puerto Rico Fixed Income Fund IV TSOs 'A+/F1'.

NEW YORK -- The Puerto Rico Fixed Income Fund IV, Inc. short- and medium-term tax-free secured obligations (TSOs) are rated 'F1' and 'A+', respectively, by Fitch Ratings. 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 a closed-end management investment company that invest 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 its 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 Incorporate of Puerto Rico, the fund's dealer.

The Puerto Rico Fixed Income Fund IV's TSOs 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.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 are also available from the 'Code of Conduct' section of this site.
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Publication:Business Wire
Date:Jul 10, 2006
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