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NEW AMERICA HIGH INCOME FUND AUCTION TERM PREFERRED RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Jan. 4 /PRNewswire/ -- The New America High Income Fund, Inc.'s 1,200 shares series A and 800 shares series B of auction term preferred stock are rated "AAA" by Fitch. The rating on the $100 million auction rate issue is based on the fund's investment guidelines and the discount factors required to determine eligible asset coverage for the fund's "high yield" fixed-income investments.
 This rating does not address the market liquidity for auction term preferred stock nor does it address the ability to remarket these shares at auction either now or in the future.
 The fund will mark its investments to market weekly. If the discounted value of Fitch eligible assets is less than the fund's basic maintenance amount, the fund will try to cure this shortfall within two business days. Failure to cure will result in an automatic liquidation of assets and redemption of the preferred stock within thirty days. Investments must be highly diversified by both issuer and industry to be considered eligible assets.
 Auction rate preferred stock dividend rates are determined through a periodic bidding process, or auction. Auctions are normally held every 28 days, but their frequency can vary. The winning bid rate, or lowest yield, will apply to all accepted bids if sufficient clearing bids exist. If there are not enough bids, a maximum rate will apply for the subsequent rate period. The maximum rate is typically a function of the 30-day "AA" composite commercial paper rate.
 The New America High Income Fund, Inc. is a diversified, closed-end management investment company whose common stock is listed on the New York Stock Exchange. Wellington Management Co. serves as the fund's advisor for which it receives a monthly fee.
 -0- 1/4/93
 /CONTACT: Kimberly O. Rhodes, 212-908-0529 or Steven Schoen, 212- 908-0615, both of Fitch/


CO: New America High Income Fund, Inc. ST: IN: FIN SU: RTG

LG -- NY045 -- 8986 01/04/94 15:14 EST
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Publication:PR Newswire
Date:Jan 4, 1994
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