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) 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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV