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24 Feb 2006
MOODY'S ASSIGNS Aaa RATING TO AUCTION MARKET PREFERRED SHARESISSUED BY COHEN & STEERS REIT AND UTILITY INCOME FUND
Ratings Previously Assigned to Preferred Shares in the Amount of $645 Million Affirmed
New York, February 24, 2006 -- Moody's Investors assigned a rating of Aaa to 2,200 of Series M28
Auction Market Preferred Shares (AMPS) issued by the Cohen & Steers
REIT and Utility Income Fund (NYSE: RTU), a closed-end
fund managed by Cohen & Steers Capital Management. The rating
assigned to Series M28 will not adversely affect the Aaa ratings previously
assigned to Series M7, T7, W7, TH7, F7,
T28, W28 and F28 of auction rate preferred shares issued by the
Fund in 2004 and 2005. All shares have a liquidation preference
of $25,000 per share and a par amount of $0.01.
The Aaa rating reflects Moody's assessment that the AMPS issued
by the Fund constitute top quality investments with the highest asset
protection and low risk of dividend impairment consistent with the expected
loss profile of other Aaa rated securities.
The Fund is a non-diversified, closed-end management
investment company. The Fund's primary investment objective is
high current income and its secondary investment objective is capital
Under normal market conditions, the Fund invests at least 80%
of its managed assets in a portfolio of securities issued by real estate
companies, such as real estate investment trusts and companies engaged
in the utilities industry. Within certain constraints, the
investment manager retains broad discretion to allocate the Fund's investments
between securities issued by companies in the real estate and utilities
industries in a manner it believes will best achieve the Fund's investment
objectives. The Fund currently invests approximately 46%
of its managed assets in common and preferred stocks issued by REITs,
approximately 43% of its managed assets in common and preferred
stocks of utility companies and approximately 8% of its managed
assets in preferred stocks and fixed income securities of issuers in other
Moody's Aaa rating assigned to the preferred shares is based on an assessment
that the market value of the underlying assets of the portfolio is sufficient
to provide good asset protection to investors in the preferred stock.
The Fund's 1940 Act asset coverage ratio was approximately 284%
and the Moody's coverage ratio was 162% at the time of the rating
Cohen & Steers Capital Management, Inc., the Fund's
investment manager, is a wholly owned subsidiary of Cohen &
Steers, Inc. (NYSE: CNS). Cohen & Steers
is a manager of high-income equity portfolios, specializing
in U.S. REITs, international real estate securities,
preferred securities, utilities and large cap value stocks.
Headquartered in New York City, the firm serves individual and institutional
investors through a wide range of open-end funds, closed-end
funds and separate accounts. As of January 31, 2006,
Cohen & Steers had approximately $21.6 billion of assets
Moody's rating applicable to preferred stock addresses the full-liquidation-preference
amount paid upon redemption, either due to a mandatory or voluntary
redemption, including the distribution of the Fund assets upon liquidation.
The rating also addresses the full and timely payment of dividends,
subject to rate periods that could change from time to time due to special-rate
period designations and appropriate notices/conventions. Moody's
rating does not address the success or failure of the auction process,
which sets the interest rate for this issuance, nor the periodic
operation of the auction procedures.
Structured Finance Group
Moody's Investors Service
Senior Vice President
Structured Finance Group
Moody's Investors Service
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.
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