The securities are $21.9 million of MuniFund Term Preferred Shares (MTP).
Proceeds from their sale will be used by the fund to help fund the redemption of all its outstanding auction-rate preferred securities and to slightly increase its leverage.
Fitch Ratings and Standard & Poor's use the same ratings scale.
Apparel company Perry Ellis International (PERY - Get Report) has received a tentative B2 rating from Moody's for its proposed senior subordinated bonds and may receive an upgrade from the rating agency for its B2 corporate family and probability of default ratings. Moody's actions, announced on Feb. 28, follow Perry's announced plan to issue common equity in addition to the bonds. "The anticipated repayment of revolver borrowings with equity proceeds would reduce leverage and enhance external liquidity by increasing revolver availability." Perry has used a bulk of this revolving credit borrowing to fund its acquisition of the Rafaella Apparel Group.