Fitch Affirms Preferred Shares Issued by 45 Nuveen Closed-End Funds

NEW YORK–(BUSINESS WIRE)–Fitch Ratings affirms all long-term ratings assigned to Variable Rate
Demand Preferred Shares (VRDP Shares), Institutional MuniFund Term
Preferred Shares (iMTP Shares) and Variable Rate MuniFund Term Preferred
Shares (VMTP Shares) issued by 41 municipal closed-end funds managed by
Nuveen Fund Advisors, LLC (NFA) and subadvised by Nuveen Asset
Management, LLC (NAM).

Fitch affirms all long-term ratings assigned to Variable Rate Term
Preferred Shares (VRTP Shares) and Term Preferred Shares (TPS) issued by
four loan closed-end loan funds managed by NFA and subadvised by
Symphony Asset Management, LLC (Symphony).

Fitch affirms all short-term ratings assigned to VRDP Shares issued by
21 municipal closed end funds. The short-term ratings reflect the credit
strength of the respective liquidity providers.

A complete list of the funds and the associated ratings is included at
the end of this press release.

FUND PROFILES
Fitch rates $10.1 billion of preferred stock issued
by the 45 Nuveen CEFs, with $37.7 billion of total investment exposure
(i.e. total assets under management including assets purchased using
leverage). The funds are closed-end management investment companies
regulated by the Investment Company Act of 1940.

The municipal closed-end funds invest a significant portion of total
assets in securities rated at least investment grade. The municipal
closed-end funds also invest a significant portion of their total assets
in securities whose income is exempt from federal income taxes (for
national funds) and both federal and applicable state income taxes (for
single state funds). The loan funds invest primarily in non-investment
grade senior loans.

KEY RATING DRIVERS
The long-term ratings primarily reflect:

–Sufficient asset coverage provided to the preferred shares as
calculated per the funds’ over-collateralization (OC) tests;
–The
structural protections afforded by mandatory de-leveraging provisions in
the event of asset coverage declines;
–The legal and regulatory
parameters that govern the funds’ operations;
–Both the short- and
long-term ratings also reflect the capabilities of NFA as investment
advisor and NAM or Symphony as subadvisor.

The short-term ratings, where applicable, primarily reflect:

–The credit strength of the VRDP Shares’ liquidity providers;
–The
terms and conditions of the VRDP shares purchase agreements.

PREFERRED SHARE ASSET COVERAGE
As of Feb. 29, 2016, the funds’
asset coverage ratios for total outstanding preferred shares, as
calculated in accordance with the Investment Company Act of 1940, was in
excess of the minimum asset coverage of 225% required by the funds’
governing documents (Preferred Shares Asset Coverage Test).

As of the same date, the funds’ effective leverage ratios were below the
45% maximum leverage ratio allowed by the funds’ governing documents for
the iMTP, VMTP, VRTP and VRDP shares. Fitch notes the governing
documents for the TPS of Nuveen Short Duration Credit Opportunities Fund
(JSD) do not provide for an effective leverage ratio test. That said,
effective leverage on the TPS Shares is effectively capped at 44.4% due
to the minimum asset coverage requirement of 225% (1/2.25).

PREFERRED SHARE STRUCTURAL PROTECTIONS
In the event of asset
coverage declines, the funds’ governing documents require the funds to
reduce leverage in order to restore compliance with the applicable asset
coverage test.

Minimum Asset Coverage compliance is tested daily for the iMTP, VRTP,
TPS and VMTP shares and monthly for the VRDP shares. Compliance with the
Effective Leverage Ratio is tested daily for all preferred shares.

For VRDP, iMTP and VMTP Shares, failure to cure a breach of the Minimum
Asset Coverage requirement by the allotted cure date results in
mandatory redemption of sufficient preferred shares to restore
compliance. With respect to the VRTP Shares and TPS, failure to cure a
breach of the Minimum Asset Coverage requirement by the allotted cure
date requires the redemption of sufficient preferred shares, repayment
of indebtedness or corrective trades to restore Asset Coverage to 225%.
To facilitate redemption, the fund will deposit sufficient funds with a
third-party tender and paying agent. The time allowed for the funds to
restore compliance is consistent with Fitch’s 60 business day criteria
guideline.

For iMTP and VMTP Shares, a breach of the Effective Leverage Ratio
threshold requires the fund to redeem a sufficient number of preferred
shares, and / or reduce the amount of TOBs the fund has outstanding in
order to restore compliance. The time allowed for the funds to restore
compliance is consistent with Fitch’s 60 business day criteria guideline.

For the VRTP Shares, if a breach of the Effective Leverage Ratio is not
cured by the applicable cure date, each of the funds must restore
compliance by (i) depositing enough funds with a third-party custodian
to redeem a sufficient number of preferred shares, (ii) repaying
indebtedness, (iii) engaging in corrective trades of certain fund assets
or (iv) utilizing a combination of all three actions noted above.

For VRDP Shares of each series, a breach of the Effective Leverage Ratio
is a breach of the fee agreement with the applicable liquidity provider
and at the option of the applicable liquidity provider, may result in
mandatory tender of VRDP Shares of the applicable series for remarketing
(see the VRDP Purchase Obligation section below for additional details).
However, in the event of a breach, Fitch expects the fund to redeem a
sufficient number of preferred shares or reduce the amount of TOBs
outstanding in order to restore compliance. The allotted time to restore
compliance to the Effective Leverage Ratio test is consistent with
Fitch’s 60 business day criteria guideline.

VRDP PURCHASE OBLIGATION
The short-term ratings assigned to the
VRDP Shares of each series are directly linked to the short-term
creditworthiness of the associated liquidity provider. The VRDP Shares
are supported by a purchase agreement to ensure full and timely
repayment of all tendered VRDP Shares plus any accumulated and unpaid
dividends. The purchase agreement is unconditional and irrevocable.

The VRDP purchase agreement requires the liquidity provider to purchase
all VRDP Shares of the applicable series tendered for sale that were not
successfully remarketed. The liquidity provider must also purchase all
outstanding VRDP Shares of the applicable series if the fund has not
obtained an alternate purchase agreement prior to the termination of the
purchase agreement being replaced or following the downgrade of the
liquidity provider’s rating below ‘F2’ (or equivalent).

The liquidity provider’s role under the fee agreement relating to the
purchase obligation for each applicable series has a scheduled
termination date. Prior to the scheduled termination date, the fee
agreement can be extended to a new scheduled termination date, or a new
liquidity provider may be selected. Any future changes to the terms of
the fee agreement that weakens the structural protections discussed
above may have negative rating implications.

VRTP REDEMPTIONS
Unlike their municipal counterparts, the loan
funds lost value in the latter half of 2015 and early 2016, in line with
generally risk adverse investor sentiment, resulting in part from
concerns surrounding China’s economy and continued commodity-related
sector volatility.

During this period, as loan fund NAVs declined, the loan funds paid down
debt to varying degrees to maintain effective leverage ratios around
their present 38% levels. The deleveraging was achieved by paying down
bank loans. However, on March 29, the loan funds listed below increased
bank borrowing in order to partially redeem outstanding VRTP Shares.
Total leverage outstanding remained unchanged as a result of this
rebalancing. The following loan funds have redeemed VRTP Shares:

–Nuveen Floating Rate Income Fund (JFR) redeemed $31 million of VRTP
Shares, reducing the outstanding balance to $108 million.
–Nuveen
Floating Rate Income Opportunity Fund (JRO) redeemed $23 million of VRTP
Shares, reducing the outstanding balance to $75 million.
–Nuveen
Senior Income Fund (NSL) redeemed $13 million of VRTP Shares, reducing
the outstanding balance to $45 million.

STRESS TESTS
Fitch performed various stress tests on the funds to
assess the strength of the structural protections available to the
preferred shares compared to the rating stresses outlined in Fitch’s
closed-end fund rating criteria. These tests included determining
various ‘worst case’ scenarios where the funds’ leverage and portfolio
composition migrated to the outer limits of the funds’ operating and
investment guidelines.

For funds investing primarily in investment grade municipal bonds, only
under remote circumstances, such as increasing leverage to 45% while
simultaneously increasing the funds’ issuer concentration and migrating
the portfolios to 80% ‘BBB’, 10+ years to maturity bonds and 20% high
yield bonds, did the asset coverage available to the preferred shares
fall below the ‘AAA’ threshold, and instead passed at an ‘AA’ rating
level.

For several of the funds that invest in high yield municipal bonds, only
under certain circumstances, such as increasing the funds’ leverage to
45% while simultaneously increasing sector and state concentration and
migrating the portfolios to a mix of 50% long-term ‘BBB’ bonds and 50%
high yield bonds, did the asset coverage available to the preferred
shares fall below the ‘AAA’ threshold, and instead passed at an ‘AA’
rating level.

For the loan funds, only under remote circumstances such as severe
credit deterioration or increased issuer concentration did the asset
coverage available to the VRTP Shares or TPS fall below the ‘AA’
threshold, and instead passed at the ‘A’ rating level.

Given the highly unlikely nature of the stress scenarios and the minimal
rating impact, Fitch views the funds’ permitted investments, municipal
issuer diversification framework and mandatory deleveraging mechanisms
as consistent with the present rating levels of the preferred shares.

THE ADVISORS
NFA, a subsidiary of Nuveen Investments, is the
investment advisor for the 45 Nuveen funds. NFA is responsible for the
funds’ overall investment strategies and their implementation. NAM is a
subsidiary of NFA and oversees the day-to-day operations of the 41
municipal closed-end funds. Symphony is a subsidiary of NFA and oversees
the day to day operations of the 4 loan closed-end funds.

Nuveen Investments and its affiliates had approximately $225 billion of
assets under management as of Dec. 31, 2015.

RATING SENSITIVITIES

The ratings assigned to the preferred shares may be sensitive to
material changes in the leverage level or composition, portfolio credit
quality or market risk of the funds, as described above. A material
adverse deviation from Fitch guidelines for any key rating driver could
cause ratings to be lowered by Fitch.

Certain terms relevant to key VRDP structural protections, including the
Minimum Asset Coverage and the Effective Leverage Ratio are set forth in
the fee agreements relating to the purchase agreements and are renewed
on a periodic basis. Any future changes to these terms that weaken the
structural protections may have negative rating implications.

The short-term ratings assigned to the VRDP shares may also be sensitive
to changes in the financial condition of the liquidity provider. A
downgrade of the liquidity provider to ‘F2’ would result in a downgrade
of the short-term ratings of the VRDP shares to ‘F2’, absent other
mitigants. A downgrade below ‘F2’, on the other hand, would not
necessarily result in a downgrade of the short-term rating of the VRDP
shares, given the features in the transactions that would result in a
mandatory tender of the VRDP shares for remarketing, or purchase by the
liquidity provider in the event of a failed remarketing.

The funds have the ability to assume economic leverage through
derivative transactions which may not be captured by the asset coverage
test or effective leverage ratio. The municipal closed-end funds do not
currently engage in speculative derivative activities and do not
envision engaging in material amounts of such activity in the future. In
fact, such activity is limited by the funds’ investment guidelines and
could run counter to the funds’ investment objectives of achieving
tax-exempt income.

Outside of a moderate level of credit default swap protection purchases
in the Nuveen Short Duration Credit Opportunities Fund (JSD)) portfolio,
the loan funds’ portfolios do not currently contain any speculative
derivative transactions and do not envision engaging in material amounts
of such activity in the future. Material derivative exposures in the
future, in either the municipal or loan funds, could have potential
negative rating implications if they adversely affect asset coverage
available to rated preferred shares.

Fitch has affirmed the ratings on the preferred shares of the
Nuveen-managed funds as follows:

Nuveen AMT-Free Municipal Income Fund (NEA):
–$151,000,000 of VMTP
Shares, Series 2016, term redemption on Dec. 30, 2016, at ‘AAA’;
–$219,000,000
of VRDP Shares, Series 1, final mandatory redemption on June 1, 2040, at
‘AAA/F1’. The liquidity provider is Deutsche Bank Trust Company Americas
(‘A-/F1’);
–$130,900,000 of VRDP Shares, Series 2, final mandatory
redemption on Dec. 1, 2040, at ‘AAA/F1’. The liquidity provider is
Citibank, N.A. (‘A+/F1’).

Nuveen Arizona Premium Income Municipal Fund (NAZ):
–$79,000,000
of VMTP Shares, Series 2016, term redemption on Dec. 30, 2016, at ‘AAA’.

Nuveen California AMT-Free Municipal Income Fund (NKX):
–$35,500,000
of VRDP Shares, Series 2, final mandatory redemption on June 1, 2040, at
‘AAA/F1’. The liquidity provider is Deutsche Bank Trust Company Americas
(‘A-/F1’);
–$42,700,000 of VRDP Shares, Series 3, final mandatory
redemption on March 1, 2040, at ‘AAA/F1+’. The liquidity provider is The
Toronto-Dominion Bank (‘AA-/F1+’);
–$109,000,000 of VRDP Shares,
Series 4, final mandatory redemption on Dec. 1, 2040, at ‘AAA/F1’. The
liquidity provider is Citibank, N.A. (‘A+/F1’);
–$104,400,000 of
VRDP Shares, Series 5, final mandatory redemption on June 1, 2041, at
‘AAA/F1’. The liquidity provider is Morgan Stanley Bank, N.A. (‘A+/F1’);
–$36,000,000
of aggregate liquidation preference of iMTP Shares, series 2018, term
redemption on July 1, 2018 at ‘AAA’.

Nuveen California Dividend Advantage Municipal Fund (NAC):
–$136,200,000
of VRDP Shares, Series 1, final mandatory redemption on June 1, 2041, at
‘AAA/F1’. The liquidity provider is Morgan Stanley Bank, N.A. (‘A+/F1’);
–$91,000,000
of VRDP Shares, Series 2, final mandatory redemption on Dec. 1, 2040, at
‘AAA/F1’. The liquidity provider is Citibank, N.A. (‘A+/F1’);
–$49,800,000
of VRDP Shares, Series 3, final mandatory redemption on March 1, 2040,
at ‘AAA/F1+’. The liquidity provider is The Toronto-Dominion Bank
(‘AA-/F1+’);
–$105,600,000 of VRDP Shares, Series 4, final
mandatory redemption on Dec. 1, 2042, at ‘AAA/F1+’. The liquidity
provider is Royal Bank of Canada (‘AA/F1+’);
–$158,900,000 of VRDP
Shares, Series 5, final mandatory redemption on Aug. 1, 2040, at
‘AAA/F1’. The liquidity provider is Citibank, N.A. (‘A+/F1’);
–$158,100,000
of VRDP Shares, Series 6, final mandatory redemption on Aug. 1, 2040, at
‘AAA/F1’. The liquidity provider is Citibank, N.A. (‘A+/F1’).

Nuveen California Dividend Advantage Municipal Fund 2 (NVX):
–$98,000,000
of VRDP Shares, Series 1, final mandatory redemption on Aug. 3, 2043, at
‘AAA/F1+’. The liquidity provider is Royal Bank of Canada (‘AA/F1+’).

Nuveen California Dividend Advantage Municipal Fund 3 (NZH):
–$160,000,000
of VRDP Shares, Series 1, final mandatory redemption on Sept. 1, 2043,
at ‘AAA/F1’. The liquidity provider is Barclays Bank PLC (‘A/F1’).

Nuveen Connecticut Premium Income Municipal Fund (NTC):
–$106,000,000
of VMTP Shares, Series 2017, term redemption on March 1, 2017, at ‘AAA’.

Nuveen Dividend Advantage Municipal Fund (NAD):
–$265,000,000 of
VMTP Shares, Series 2016, term redemption on Dec. 30, 2016, at ‘AAA’.

Nuveen Dividend Advantage Municipal Fund 2 (NXZ):
–$196,000,000 of
VRDP Shares, Series 2, final mandatory redemption on June 1, 2040, at
‘AAA/F1+’. The liquidity provider is The Toronto-Dominion Bank
(‘AA-/F1+’).

Nuveen Dividend Advantage Municipal Fund 3 (NZF):
–$150,000,000 of
iMTP Shares, Series 2017, term redemption on Oct. 1, 2017, at ‘AAA’;
–$81,000,000
of VMTP Shares, Series 2017, term redemption on April 1, 2017, at ‘AAA’.

Nuveen Dividend Advantage Municipal Income Fund (NVG):
–$179,000,000
of VRDP Shares, Series 1, final mandatory redemption on Dec. 1, 2043, at
‘AAA’.

Nuveen Georgia Dividend Advantage Municipal Fund 2 (NKG):
–$75,000,000
of VMTP Shares, Series 2017, term redemption on June 1, 2017, at ‘AAA’.

Nuveen Intermediate Duration Municipal Term Fund (NID):
–$175,000,000
of VMTP Shares, Series 2018, term redemption on Aug. 1, 2018, at ‘AAA’.

Nuveen Intermediate Duration Quality Municipal Term Fund (NIQ):
–$55,000,000
of VMTP Shares, Series 2018, term redemption on Nov. 1, 2018, at ‘AAA’.

Nuveen Investment Quality Municipal Fund, Inc. (NQM):
–$236,800,000
of VRDP Shares, Series 1, final mandatory redemption on May 1, 2041, at
‘AAA/F1’. The liquidity provider is Barclays Bank plc (‘A/F1’);
–$43,500,000
of VMTP shares, Series 2017, term redemption on May 1, 2017, at ‘AAA’.

Nuveen Maryland Premium Income Municipal Fund (NMY):
–$167,000,000
of VMTP Shares, Series 2017, term redemption on June 1, 2017, at ‘AAA’.

Nuveen Massachusetts Premium Income Municipal Fund (NMT):
–$74,000,000
of VMTP Shares, Series 2017, term redemption on Aug. 1, 2017, at ‘AAA’.

Nuveen Michigan Quality Income Municipal Fund (NUM):
–$159,000,000
of VMTP Shares, Series 2016, term redemption on Dec. 30, 2016, at ‘AAA’.

Nuveen Minnesota Municipal Income Fund (NMS):
–$44,100,000 of VMTP
shares, Series 2017, term redemption on May 1, 2017, at ‘AAA’.

Nuveen Missouri Premium Income Municipal Fund (NOM):
–$18,000,000
of VMTP Shares, Series 2018, term redemption on March 1, 2018, at ‘AAA’.

Nuveen Municipal Advantage Fund, Inc. (NMA):
–$268,800,000 of VRDP
Shares, Series 1, final mandatory redemption on March 1, 2040, at
‘AAA/F1+’. The liquidity provider is JPMorgan Chase Bank, N.A.
(‘AA-/F1+’).

Nuveen Municipal High Income Opportunity Fund (NMZ):
–$87,000,000
of VMTP Shares, Series 2018, term redemption on Aug. 1, 2018, at ‘AAA’.

Nuveen Municipal Market Opportunity Fund, Inc. (NMO):
–$350,900,000
of VRDP Shares, Series 1, final mandatory redemption on March 1, 2040,
at ‘AAA/F1+’. The liquidity provider is The Toronto-Dominion Bank
(‘AA-/F1+’).

Nuveen Municipal Opportunity Fund, Inc. (NIO):
–$667,200,000 of
VRDP Shares, Series 1, final mandatory redemption on Dec. 1, 2040, at
‘AAA/F1’. The liquidity provider is Citibank, N.A. (‘A+/F1’).

Nuveen Municipal 2021 Target Term Fund (NHA):
–$28,300,000 of VMTP
Shares, Series 2019, term redemption on April 1, 2019, at ‘AAA’.

Nuveen New Jersey Dividend Advantage Municipal Fund (NXJ):
–$81,000,000
of VRDP Shares Series 1, final mandatory redemption on Aug. 3, 2043,
affirmed at ‘AAA/F1+’. The liquidity provider is The Toronto-Dominion
Bank (‘AA-/F1+’);
–$144,300,000 of VRDP Shares, Series 2, final
mandatory redemption on April 1, 2043, affirmed at ‘AAA/F1+’. The
liquidity provider is Royal Bank of Canada (‘AA/F1+’);
–$88,600,000
of VRDP Shares, Series 3, final mandatory redemption on April 1, 2043,
affirmed at ‘AAA/F1+’. The liquidity provider is Royal Bank of Canada
(‘AA/F1+’).

Nuveen New York AMT-Free Municipal Income Fund (NRK):
–$79,000,000
of iMTP Shares, Series 2017, term redemption on Oct. 1, 2017, at ‘AAA’;
–$112,300,000
of VRDP Shares, Series 1, final mandatory redemption on Aug. 1, 2040, at
‘AAA/F1’. The liquidity provider is Citibank, N.A. (‘A+/F1’);
–$164,800,000
of VRDP Shares, Series 2, final mandatory redemption on Aug. 1, 2040, at
‘AAA/F1’. The liquidity provider is Citibank, N.A. (‘A+/F1’);
–$161,700,000
of VRDP Shares, Series 3, final mandatory redemption on Dec. 1, 2040, at
‘AAA/F1’. The liquidity provider is Citibank, N.A. (‘A+/F1’);
–$50,000,000
of VRDP Shares, Series 4, final mandatory redemption on June 1, 2040, at
‘AAA/F1’. The liquidity provider is Deutsche Bank Trust Company Americas
(‘A-/F1’).

Nuveen New York Dividend Advantage Municipal Fund (NAN):
–$94,000,000
of VMTP Shares, Series 2017, term redemption on July 1, 2017, affirmed
at ‘AAA’.;
–$89,000,000 of VRDP Shares, Series 1, final mandatory
redemption on March 1, 2040, at ‘AAA/F1+’. The liquidity provider is The
Toronto-Dominion Bank (‘AA-/F1+’).

Nuveen North Carolina Premium Income Municipal Fund (NNC):
–$125,000,000
of VMTP Shares, Shares Series 2017, term redemption on March 1, 2017, at
‘AAA’.

Nuveen Ohio Quality Income Municipal Fund (NUO):
–$148,000,000 of
VRDP Shares, Series 1, final mandatory redemption on Sept. 1, 2043, at
‘AAA/F1+’. The liquidity provider is Royal Bank of Canada (‘AA/F1+’).

Nuveen Pennsylvania Investment Quality Municipal Fund (NQP):
–$112,500,000
of VRDP Shares, Series 2, final mandatory redemption on Dec. 1, 2042, at
‘AAA/F1+’. The liquidity provider is Royal Bank of Canada (‘AA/F1+’);
–$105,000,000
of VRDP Shares, Series 3, final mandatory redemption on Dec. 1, 2042, at
‘AAA/F1+’. The liquidity provider is Royal Bank of Canada (‘AA/F1+’);
–$48,000,000
of VMTP Shares, Series 2017, term redemption on June 1, 2017, at ‘AAA’.

Nuveen Performance Plus Municipal Fund, Inc. (NPP):
–$535,000,000
of VMTP Shares Series 2018, term redemption on Dec. 1, 2018, at ‘AAA’.

Nuveen Premier Municipal Income Fund, Inc. (NPF):
–$127,700,000 of
VRDP Shares, Series 1, final mandatory redemption on May 1, 2041, at
‘AAA/F1’. The liquidity provider is Barclays Bank plc (‘A/F1’).

Nuveen Premium Income Municipal Fund, Inc. (NPI):
–$407,000,000 of
VMTP Shares, Series 2018, term redemption on Dec. 1, 2018, at ‘AAA’.

Nuveen Premium Income Municipal Fund 2, Inc. (NPM):
–$489,500,000
of VRDP Shares, Series 1, final mandatory redemption on May 1, 2041, at
‘AAA/F1’. The liquidity provider is Barclays Bank plc (‘A/F1’).

Nuveen Premium Income Municipal Fund 4, Inc. (NPT):
–$262,200,000
of VRDP Shares, Series 1, final mandatory redemption on March 1, 2040,
at ‘AAA/F1+’. The liquidity provider is JPMorgan Chase Bank, N.A.
(‘AA-/F1+’).

Nuveen Quality Income Municipal Fund, Inc. (NQU):
–$385,400,000 of
VRDP Shares, Series 1, final mandatory redemption on Dec. 1, 2040, at
‘AAA/F1+’. The liquidity provider is JPMorgan Chase Bank, N.A.
(‘AA-/F1+’).

Nuveen Quality Municipal Fund, Inc. (NQI):
–$240,400,000 of VMTP
Shares Series 2018, term redemption on Dec. 1, 2018, at ‘AAA’.

Nuveen Select Quality Municipal Fund, Inc. (NQS):
–$267,500,000 of
VRDP Shares, Series 1, final mandatory redemption on May 1, 2041, at
‘AAA/F1’. The liquidity provider is Barclays Bank plc (‘A/F1’).

Nuveen Texas Quality Income Municipal Fund (NTX):
–$72,000,000 of
iMTP Shares, Series 2018, term redemption on Nov. 1, 2018, at ‘AAA’.

Nuveen Virginia Premium Income Municipal Fund (NPV):
–$128,000,000
of VRDP Shares, Series 1, final mandatory redemption on Aug. 3, 2043, at
‘AAA/F1+’. The liquidity provider is The Toronto-Dominion Bank
(‘AA-/F1+’).

Nuveen Floating Rate Income Fund (JFR):
–$108,000,000 of VRTP
Shares, term redemption on Feb. 1, 2017, at ‘AA’.

Nuveen Floating Rate Income Opportunity Fund (JRO):

Contacts

Fitch Ratings
Primary Analyst (except JFR and JRO)
Ralph Aurora
Senior
Director
+1-212-908-0528
Fitch Ratings, Inc.
33 Whitehall
St.
New York, NY 10004
or
Primary Analyst (JFR and JRO)
Russ
Thomas
Director
+1-312-368-3189
or
Secondary Analyst
Russ
Thomas
Director
+1-312-368-3189
or
Secondary Analyst
(JFR and JRO)
Greg Fayvilevich
Director
+1-212-908-9151
Fitch
Ratings, Inc.
33 Whitehall St.
New York, NY 10004
or
Committee
Chairperson
Davie Rodriguez
Senior Director
+1-212-908-0386
or
Media
Relations
Hannah James, New York, + 1 646-582-4947
[email protected]

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