(The following statement was released by the rating agency)
NEW YORK, April 15 (Fitch) TIAA-CREF's planned acquisition of
(Nuveen) will have a minimal impact on Nuveen's closed-end fund
credit ratings on Nuveen's closed-end fund preferred securities
unaffected, according to Fitch Ratings.
Each of the Nuveen closed-end funds rated by Fitch is a
Company, as defined under the 1940 Act and operates as an
with boards of directors that are separate from that of Nuveen.
ratings are based primarily on the structural protections and
available to preferred shareholders as well as the capabilities
of Nuveen as an
investment advisor, Fitch does not expect to take any rating
actions on the
preferred stock issued by the closed-end funds as a result of
Fitch rates $8.9 billion of preferred stock issued by 52 Nuveen
funds, with $30.1 billion of assets under management.
On April 14, 2014, TIAA-CREF announced an agreement to acquire
Nuveen for $6.25
billion, inclusive of Nuveen's outstanding debt. The boards of
directors at both
TIAA-CREF and Nuveen each have approved the transaction, which
is expected to be
complete by year-end 2014. The boards of directors and
shareholders of Nuveen's
closed-end funds also have to approve the transaction.
It is expected that Nuveen will operate as a separate and
within TIAA-CREF's asset management business and continue its
model. The investment teams at both organizations are expected
separate. Leadership across Nuveen and its investment affiliates
are expected to
remain intact, with Nuveen management teams retaining their
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The above article originally appeared as a post on the Fitch
Wire credit market
commentary page. The original article, which may include
hyperlinks to companies
and current ratings, can be accessed at www.fitchratings.com.
expressed are those of Fitch Ratings.
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