NAPERVILLE, Ill., Dec. 17, 2020 /PRNewswire/ -- Calamos
Investments announced the Calamos Closed-End Funds board of
trustees for each of CHI, CHY, CSQ, CGO, CHW and CCD (the "Trusts")
has elected to terminate, effective December
17, 2020, the designation of Fitch Ratings, Inc. (Fitch) as
the rating agency for each series of the
Trusts' Mandatory Redeemable Preferred Shares (MRPS) and
replaced Fitch with Kroll Bond Rating Agency LLC (KBRA), a
nationally recognized statistical rating organization (NRSRO).
KBRA has assigned each series of the outstanding Calamos MRPS
a rating of 'AA-'.1
Fitch recently adopted changes to their closed-end fund rating
methodology. These changes, in Calamos Investments' view, reflect
Fitch's negative market outlook which is substantially different
from the views of the Trusts' adviser. While Fitch stated that it
expects their criteria changes to have a negative impact on 311
closed-end funds, they also noted that "any potential rating
changes are solely the result of the criteria change and that the
underlying fundamentals of the closed-end funds have not
changed".2
For more information regarding Calamos Investments' closed-end
fund offerings, please visit www.calamos.com.
1See Press Release, "KBRA Assigns Ratings to
Mandatory Redeemable Preferred Shares of Six Calamos Closed-End
Funds"
2 See Press Release, "Fitch Places 311
Closed-End Fund Ratings Under Criteria Observation"
Important Notes about Performance and Risk
Past
performance is no guarantee of future results. As with other
investments, market price will fluctuate with the market and upon
sale, your shares may have a market price that is above or below
net asset value and may be worth more or less than your original
investment. Returns at NAV reflect the deduction of the Fund's
management fee, debt leverage costs and other expenses. You can
purchase or sell common shares daily. Like any other stock, market
price will fluctuate with the market. Upon sale, your shares may
have a market price that is above or below net asset value and may
be worth more or less than your original investment. Shares of
closed-end funds frequently trade at a discount which is a market
price that is below their net asset value.
About Calamos
Calamos Investments is a diversified global investment firm
offering innovative investment strategies including alternatives,
multi-asset, convertible, fixed income, and equity. The firm offers
strategies through separately managed portfolios, mutual funds,
closed-end funds, private funds, and UCITS funds. Clients include
major corporations, pension funds, endowments, foundations and
individuals, as well as the financial advisors and consultants who
serve them. Headquartered in the Chicago metropolitan area, the firm also has
offices in New York, San Francisco, Milwaukee and the Miami area. For more information, please visit
www.calamos.com.
*Calamos Investments LLC, referred to herein as Calamos
Investments®, is a financial services company offering
such services through its subsidiaries: Calamos Advisors LLC,
Calamos Wealth Management LLC, Calamos Investments LLP and Calamos
Financial Services LLC.
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SOURCE Calamos Investments