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Related Research
Rating Action:

MOODY'S ASSIGNS Aaa RATINGS TO AUCTION MARKET PREFERRED SHARES ISSUED BY THE EVERGREEN INCOME ADVANTAGE FUND

29 Apr 2003
MOODY'S ASSIGNS Aaa RATINGS TO AUCTION MARKET PREFERRED SHARES ISSUED BY THE EVERGREEN INCOME ADVANTAGE FUND

Approximately $490.0 Million of Debt Securities Affected.

New York, April 29, 2003 -- Moody's assigned Aaa ratings to Auction Market Preferred Shares issued by the Evergreen Income Advantage Fund. The Fund is a newly organized, diversified, closed-end management investment company whose common shares began trading on the American Stock Exchange as of February 26, 2003 under the ticker symbol "EAD". The ratings reflect Moody's assessment that the preferred shares issued by this closed-end fund constitute top quality investments, given their good asset protection and low risk of dividend impairment. The expected loss profile of the preferred shares is consistent with Aaa rated fixed-income obligations.

The Aaa ratings apply to 3,400 shares of Auction Market Preferred Shares for each Series M28 and W28. Dutch Auctions for these two series will occur on a 28-day cycle. In addition, the Fund offered 3,200 shares for four weekly Series: T7, W7, Th7 and F7. The liquidation preference for each share is $25,000 and proceeds raised from the issuance of Auction Market Preferred Shares totaled $490 million.

SeriesSharesIssuanceAuction DayFrequency

T73,200$80,000,000Monday7 days

W73,200$80,000,000Tuesday7 days

Th73,200$80,000,000Wednesday7 days

F73,200$80,000,000Thursday7 days

M282,840$85,000,000Monday28 days

W282,840$85,000,000Wednesday28 days

The Fund's investment objective is to seek a high level of current income. The Fund may, as a secondary objective, also seek capital appreciation to the extent consistent with its investment objective. Under normal market conditions, the Fund invests at least 80% of its total assets in below investment grade (high yield) debt securities, loans and preferred stocks.

Moody's believes that the market value of the underlying assets of the portfolio is sufficient to provide strong asset protection to investors in the Fund's preferred shares. In addition to satisfying regulatory guidelines, Moody's rating guidelines require that the Fund support preferred issues with eligible assets in amounts that are sufficient to withstand a severe loss in value for a given exposure period. To meet the Aaa rating guidelines, the Fund adheres to stricter diversification levels by reducing underlying obligor and sector concentrations. These rating agency guidelines serve to supplement regulatory requirements mandating asset coverage ratios of 200% to cover the Fund's liabilities pursuant to the Investment Company Act of 1940. Further supporting its rating conclusion, Moody's cites the fund manager's practices for developing targets for the portfolio's maturity and duration, as well as research process.

Through the issuance of Auction Market Preferred Shares, the Fund's leverage represents approximately 33% of managed assets.

Evergreen Investment Management Company, a wholly owned subsidiary of Wachovia Bank, N.A, is the investment adviser to the Fund. The firm is a subsidiary of Wachovia Corporation, formerly First Union Corporation. Assets under management as of March 31, 2003 stood at more than $231 billion, including over $113 billion in assets attributable to 115 of the Evergreen Funds and $91 billion in fixed income assets. The investment adviser has a 70-year history of money management and is the 12th largest mutual fund company in the United States.

New York
Henry Shilling
Senior Vice President
Managed Funds Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Martin Duffy
VP - Senior Credit Officer
Managed Funds Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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