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Rating Action:

Moody's lowers ratings on preferred shares of 22 Invesco closed-end funds; assigns ratings to new Variable Rate Muni Term Preferred Shares (VMTPs) to be issued

08 May 2012

New York, May 08, 2012 -- Moody's Investors Service has downgraded the ratings on auction rate preferred shares issued by 22 Invesco closed-end funds. The following ratings were affected:

• Invesco Value Municipal Income Trust (IIM) - Series 1, 2, 3, 4, and 5 for $71.20 million to Aa1 from Aaa

• Invesco Value Municipal Bond Trust (IMC) -- Series W for $16.05 million to Aa1 from Aaa

• Invesco Value Municipal Trust (IMT) -- Series TU and TH for $55.95 million to Aa1 from Aaa

• Invesco Quality Municipal Income Trust (IQI) -- Series 1, 2, 3, 4, and 5 for $116.85 million to Aa1 from Aaa

• Invesco Quality Municipal Securities (IQM) -- Series 1, 2, 3, 4, and 5 for $45.30 million to Aa1 from Aaa

• Invesco Quality Municipal Investment Trust (IQT) -- Series A and B for $51.85 million to Aa1 from Aaa

• Invesco Municipal Premium Income Trust (PIA) -- Series A, B, C, D, and E for $57.5 million to Aa1 from Aaa

• Invesco Van Kampen Trust for Investment Grade Municipals (VGM) -- Series A, B, C, D, E, F, G, H, and I for $273.35 million to Aa1 from Aaa

• Invesco Van Kampen Trust For Value Municipals (VIM) -- Series A and B for $52.2 million to Aa1 from Aaa

• Invesco Van Kampen Advantage Municipal Income Trust II (VKI) -- Series A, B, C, D, E, F, G, H, I and J for $231 million to Aa1 from Aaa

• Invesco Van Kampen Select Sector Municipal Trust (VKL) -- Series A, B, C, and D for $70.95 million to Aa1 from Aaa

• Invesco Van Kampen Municipal Trust (VKQ) -- Series A, B, C, D, and E for $178.75 million to Aa1 from Aaa

• Invesco Van Kampen Municipal Opportunity Trust (VMO) -- Series A, B, C, D, E, and F for $187 million to Aa1 from Aaa

• Invesco California Municipal Income Trust (IIC) -- Series 1, 2, 3, and 4 for $41.4 million to Aa2 from Aaa

• Invesco California Quality Municipal Securities (IQC) -- Series 1, 2, and 3 for $30.9 million to Aa2 from Aaa

• Invesco Van Kampen California Value Muni Income Trust (VCV) -- Series A, B, C, and D for $116 million to Aa2 from Aaa

• Invesco Van Kampen Trust For Investment Grade New York Municipals (VTN) -- Series A, B, and C for $76.85 million to Aa2 from Aaa

• Invesco New York Quality Municipal Securities (IQN) -- Series 1 and 2 for $13.65 million to Aa2 from Aaa

• Invesco Van Kampen Pennsylvania Value Municipal Income Trust (VPV) -- Series A, B, C and D for $130.1 million to Aa2 from Aaa

• Invesco Van Kampen Trust For Investment Grade New Jersey Municipals (VTJ) -- Series 1 for $40.975 million to Aa2 from Aaa

• Invesco Van Kampen Massachusetts Value Municipal Income Trust (VMV) -- Series 1 for $14.95 million to Aa2 from Aaa

• Invesco Van Kampen Ohio Quality Municipal Trust (VOQ) -- Series A and B for $28.3 million to Aa2 from Aaa

The rating actions conclude a review initiated by Moody's on May 2, 2012 when the auction rate preferred shares were placed on review for possible downgrade following the publication of Moody's revised closed-end fund methodology.

At the same time, Moody's assigned ratings to approximately $1.9 billion in Variable Rate Muni Term Preferred Shares (VMTP) to be issued pursuant to offerings exempt from registration under the Securities Act of 1933 by the following twenty-two municipal closed-end funds to refinance the preferred shares currently outstanding. The following ratings were assigned:

• Invesco Value Municipal Income Trust (IIM) - Series 2015/6 --IIM for $71.2 million - Aa1

• Invesco Value Municipal Bond Trust (IMC) - Series 2015/6-IMC for $16.0 million - Aa1

• Invesco Value Municipal Trust (IMT) - Series 2015/6-IMT for $55.9 million -- Aa1

• Invesco Quality Municipal Income Trust (IQI) - Series 2015/12-IQI for $116.8 million -- Aa1

• Invesco Quality Municipal Securities (IQM) - Series 2015/12-IQM for $ $45.3 million -- Aa1

• Invesco Quality Municipal Investment Trust (IQT) - Series 2015/12-IQT for $51.8 million -- Aa1

• Invesco Municipal Premium Income Trust (PIA) - Series 2015/6-PIA for $57.5 million -- Aa1

• Invesco Van Kampen Trust for Investment Grade Municipals (VGM) - Series 2015/6-VGM for $273.3 million -- Aa1

• Invesco Van Kampen Trust For Value Municipals (VIM) - Series 2015/6-VIM for $52.2 million -- Aa1

• Invesco Van Kampen Advantage Municipal Income Trust II (VKI) - Series 2015/6-VKI for $231 million -- Aa1

• Invesco Van Kampen Select Sector Municipal Trust (VKL) - Series 2015/6-VKL for $70.9 million -- Aa1

• Invesco Van Kampen Municipal Trust (VKQ) - Series 2015/12-VKQ for $178.7 million -- Aa1

• Invesco Van Kampen Municipal Opportunity Trust (VMO) - Series 2015/6-VMO for $187 million -- Aa1

• Invesco California Municipal Income Trust (IIC) - Series 2015/6-IIC for $41.4 million -- Aa2

• Invesco California Quality Municipal Securities (IQC) - Series 2015/6-IQC for $30.9 million -- Aa2

• Invesco Van Kampen California Value Muni Income Trust (VCV) - Series 2015/6-VCV for $116 million -- Aa2

• Invesco Van Kampen Trust For Investment Grade New York Municipals (VTN) - Series 2015/6-VTN for $76.8 million -- Aa2

• Invesco New York Quality Municipal Securities (IQN) for $13.6 million -- Aa2

• Invesco Van Kampen Pennsylvania Value Municipal Income Trust (VPV) - Series 2015/6-VPV for $130.1 million -- Aa2

• Invesco Van Kampen Trust For Investment Grade New Jersey Municipals (VTJ) - Series 2015/6-VTJ for $40.9 million -- Aa2

• Invesco Van Kampen Massachusetts Value Municipal Income Trust (VMV) - Series 2015/6-VMV for $14.9 million -- Aa2

• Invesco Van Kampen Ohio Quality Municipal Trust (VOQ)- Series 2015/6-VOQ for $28.3 million -- Aa2

The net proceeds from the issuance of the VMTPs, which are subject to a mandatory term redemption on June 1, 2015 (for all funds except December 1, 2015 for IQI, IQM, IQT and VKQ), will be used to defease and redeem in full each fund's outstanding auction rate preferred shares (ARPS) aggregating approximately $1.9 billion.

On a pro-forma basis for the issuance of the VMTP and redemption of the ARPs, each fund's leverage is expected to remain unchanged and within the range consistent with the assigned ratings. Total economic leverage for the 22 funds is expected to remain between 24% and 45%, when Tender Option Bonds (TOBs) are included. The VMTPs issued by the funds pay dividends at a variable rate with a fixed spread (which spread adjusts based on the rating of the VMTP) linked to SIFMA. The terms of the VMTPs require the funds to (i) adhere to Moody's basic maintenance amount (BMA) coverage guidelines and (ii) maintain an effective leverage ratio of less than 45% and asset coverage of at least 225%. A breach of these guidelines would trigger a mandatory redemption of leverage to return the fund to compliance and a 200 bps step-up on the then current dividend rate if the breach is not cured within the applicable cure period.

To mitigate liquidity risk associated with mandatory term redemption, the funds are required to segregate highly-rated and short-dated securities starting at six months prior to the mandatory term redemption, with a value equal to at least 110% of the redemption amount.

At the time of the VMTP issuance, each fund's coverage ratios will be in excess of the Moody's asset coverage ratio of 100% and the regulatory coverage ratio of 200% under the Investment Company Act of 1940.

RATINGS RATIONALE

The ratings are based on each of the funds' strong coverage ratios, using municipal advance rates applied to all portfolio assets, combined with low risk of breaching the coverage ratio imposed by the Investment Company Act of 1940 ('40 Act). This, combined with a low probability of breaching the funds' '40 Act regulatory coverage, contributes to each fund's strong adjusted leverage profile. The leverage profile is reinforced by each fund's adoption of lower leverage thresholds relative to '40 Act requirements. Repayment risk is mitigated to some extent by the segregation of assets and creation of a liquidity cushion in advance of the mandatory redemption.

The funds' portfolio profiles, which capture the respective credit quality and liquidity of each funds' holdings, reflect the strong credit quality of the funds' municipal holdings across various general obligation, tax obligation, revenue bonds, pre-refunded bonds, and other security types as well as the risk associated with geographical concentration in the case of the state-specific funds. In Moody's opinion, general tax revenue and revenue from specific municipal projects within the same state are derived from the same regional economy concentrating risk to fiscal and political problems at the state level. Accordingly, Moody's adjusts its concentration metrics for the state-specific funds to account for the increased security performance and price correlation.

On average, the high credit quality of the portfolios is offset by lower liquidity metrics, due to limited price transparency in municipal securities, which could be exacerbated in any future municipal market downturn. The ratings of the VMTPs are further supported by excellent fixed charge coverage (in the range of 8x-10x , across the funds in recent years), evidencing the funds' strong capacity to fund periodic dividend payments from recurring earnings.

The ratings also reflect a one notch downward adjustment to reflect the weaker position of investors holding preferred stock relative to senior unsecured debt obligations.

The principal methodology used in these ratings was "Moody's Methodology for Rating Securities Issued by U.S. Closed-End Funds" published in May 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare each of the ratings are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.

Moody's adopts all necessary measures so that the information it uses in assigning the ratings is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

In addition to the information provided below please find on the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued each of the ratings.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Dagmar H. Silva
Vice President - Senior Analyst
Managed Investments Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Daniel Serrao
Associate Managing Director
Managed Investments Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's lowers ratings on preferred shares of 22 Invesco closed-end funds; assigns ratings to new Variable Rate Muni Term Preferred Shares (VMTPs) to be issued
No Related Data.
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