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Moody’s Investors Service Announces Downgrade of New America High Income Fund’s Auction Term Preferred Stock to Aa3  August 9, 2016 – 03:28 pm
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BOSTON, MA — (Marketwire) — 07/17/12 — On July 12, 2012, Moody’s Investors Service (”Moody’s”), one of two nationally recognized statistical rating organizations currently rating the Auction Term Preferred Stock (”ATP”) of The New America High Income Fund, Inc. (the “Fund”) (NYSE: HYB), announced that it has downgraded the ATP from Aaa to Aa3. This action occurred following a review by Moody’s of its ratings of the securities of all closed-end registered investment companies, which was undertaken in conjunction with the adoption of changes to the methodology Moody’s uses to rate securities issued by closed-end funds. The Fund’s ATP continues to have a credit rating in the highest rating category from Fitch Ratings, which affirmed its rating on March 1, 2012.

In response to the action by Moody’s, it is anticipated the Fund will redeem all outstanding shares of ATP at their liquidation preference (par value) plus accumulated but unpaid dividends within 120 days of the downgrade, as provided by the terms of the ATP. The Fund expects to establish a line of credit to finance the redemption of the ATP and maintain its leveraged capital structure. The alternative financing is expected to be more costly to the Fund than the ATP, which could reduce the net income otherwise available for distribution to common stockholders. Depending on the Fund’s success in obtaining alternative financing, the Fund’s leveraged capital structure may need to be eliminated or scaled back, which would likely reduce the net income otherwise available in the future for distribution to holders of the Fund’s common stock. From the date of the downgrade until the ATP is redeemed, the dividend rate for the ATP will be increased from its current rate of 150% of the 30-day AA composite commercial paper rate to 300% of the 30-day AA composite commercial paper rate, as provided by the terms of the ATP.

Source: Nearshore Journal

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