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Rating Action:

MOODY'S ASSIGNS Aaa RATINGS TO FUND PREFERRED SHARES ISSUED BY NUVEEN DIVERSIFIED DIVIDEND AND INCOME FUND

26 Nov 2003
MOODY'S ASSIGNS Aaa RATINGS TO FUND PREFERRED SHARES ISSUED BY NUVEEN DIVERSIFIED DIVIDEND AND INCOME FUND

Approximately $120.0 Million of Debt Securities Affected.

New York, November 26, 2003 -- Moody's Investors Service assigned ratings of Aaa to preferred shares issued by the Nuveen Diversified Dividend and Income Fund (NYSE: JDD), a closed-end fund trading on The New York Stock Exchange that commenced operations on September 25, 2003. The Fund has issued two series of preferred securities (T and W), each with 2,400 shares and a liquidation preference of $25,000. Dividends payable on the preferred shares are determined on a seven day Dutch auction basis. Moody's Aaa ratings reflect its assessment that the preferred shares issued by this closed-end fund constitute top quality investments with good asset protection and low risk of dividend impairment consistent with the expected loss profile of other Aaa rated securities.

The Nuveen Diversified Dividend and Income Fund's primary investment objective is high current income and total return. Under normal circumstances, the Fund expects to be invested in four asset classes, including dividend-paying common stocks, dividend-paying common stocks issued by REITs, debt securities and other instruments that are issued by, or that are related to, government, government-related and supranational issuers located, or conducting their business, in emerging market countries as well as senior secured loans. In each instance, the Fund expects to invest all or substantially all of its assets in income producing or dividend-paying securities.

Moody's Aaa rating assigned to the preferred shares is based on an assessment that the market value of the underlying assets of the Fund's portfolio is sufficient to provide good asset protection to investors in the preferred stock. These assets serve to collateralize the preferred shares, as well as the related dividend obligations. At the time of their issuance, the preferred shares constituted approximately 29.6% of the Fund's total capital. At the same time, the asset coverage ratio pursuant to the Investment Company Act of 1940 (1940 Act) was in the amount of 330% while Moody's coverage ratio was in the amount of 172%.

The Fund is sub-advised by four separate investment advisers, each with an expertise in a particular asset class to which 25% of assets have been allocated. Equity exposures will range between 40 and 70% of total net assets while the fixed-income allocation will constitute between 30 - 60% of assets.

NWQ, a registered investment adviser and a subsidiary of Nuveen, specializes in the management of value-oriented equity portfolios across all capitalization ranges. NWQ had approximately $10 billion in assets under management as of September 30, 2003.

Security Capital, a registered investment adviser, is currently an indirect wholly owned subsidiary of The General Electric Company, a New York corporation, but has recently entered into an agreement to be acquired by Banc One Investment Advisors Corp. Security Capital specializes in the management of public real estate securities. As of September 30, 2003, Security Capital had assets under management of more than $3.6 billion.

Wellington Management, a Massachusetts limited liability partnership, is a registered investment adviser that provides services to investment companies, employee benefit plans, endowments, foundations and other institutions. Wellington Management and its predecessor organizations have provided investment advisory services since 1928. As of September 30, 2003, Wellington Management had investment management authority over approximately $353 billion in assets. Wellington Management manages assets for clients using a broad range of equity and fixed-income approaches.

Symphony, a registered investment adviser, is an indirect wholly owned subsidiary of Nuveen. Founded in 1994, Symphony had approximately $2.7 billion in assets under management as of September 30, 2003. Symphony specializes in the management of market neutral equity and debt strategies and senior loan and other debt portfolios.

Nuveen Investment Advisory Corporation (NIAC) is responsible for determining the Fund's overall investment strategy, including allocating the portion of the Fund's assets to be invested in preferred securities, convertible securities and other debt instruments. NIAC, a registered investment adviser, is a wholly owned subsidiary of Nuveen Investments, Inc. Founded in 1898, Nuveen Investments, Inc. and its affiliates had approximately $90 billion of assets under management as of September 30, 2003.

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

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

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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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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