KBRA Assigns and Affirms Ratings for Mandatory Redeemable Preferred Shares Issued by Calamos Global Total Return Fund
NEW YORK--( BUSINESS WIRE)--KBRA assigns a ‘AA-’ rating to $9.0 million Series H Mandatory Redeemable Preferred Shares ("MRPS") issued by Calamos Global Total Return Fund (the “Fund” or "CGO"). Concurrently, KBRA affirms the ratings assigned to the outstanding Series C and E MRPS issued by the Fund. The Outlook on all ratings is Stable.
The rating action reflects the stable composition of the Fund’s portfolio, which is primarily invested in global equities and convertible securities, with notable exposures to Information Technology, Financials, and Industrials sectors. Whilst total leverage asset coverage levels have varied in recent years due to market volatility, CGO has maintained asset coverage ratios well in excess of the Investment Company Act of 1940 (the “'40 Act”) requirements. The Fund’s history of maintaining asset coverage levels that consistently exceed the ’40 Act regulatory thresholds, and the relative stable performance of the portfolio supports the affirmation of the rating.
Key Credit Considerations
Rating Sensitivities
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Methodology
Disclosures
Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.
A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.
Information on the meaning of each rating category can be located here.
This credit rating is endorsed by Kroll Bond Rating Agency Europe Limited for use in the European Union and by Kroll Bond Rating Agency UK Limited for use in the UK. Information on a credit rating’s endorsement status is available on its rating page at KBRA.com.
Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.
There are certain issuers, entities or transactions rated by KBRA Europe or KBRA UK that may be or have relationships with Shareholders and/or Shareholder-Related Companies, as that term is defined in KBRA’s Shareholder and Shareholder Related Companies for KBRA Europe and KBRA UK Policy and Procedure. Relevant disclosure information may be found here.
About KBRA
Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.
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