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KBRA Assigns Ratings to Mandatory Redeemable Preferred Shares Issued by Six Calamos Closed-End Funds

December 16, 2020 GMT

NEW YORK--(BUSINESS WIRE)--Dec 16, 2020--

Kroll Bond Rating Agency (KBRA) assigns ratings of AA- to the outstanding Mandatory Redeemable Preferred Shares (MRPS) issued by six closed-end funds managed by Calamos Advisors LLC (Calamos):

Calamos Closed-End Funds

Fund Name

Ticker

Fund

Inception

Geography

Strategic

Focus

MRPS

Series

Average

Total Asset

Coverage 1

KBRA

Rating

Calamos Global Total Return Fund

CGO

2005

Global

Equities

A, B, C

313%

AA-

Calamos Dynamic Convertible and Income Fund

CCD

2015

North America

Convertibles

A, B, C

307%

AA-

Calamos Strategic Total Return Fund

CSQ

2004

North America

Equities

A, B, C

312%

AA-

Calamos Global Dynamic Income Fund

CHW

2007

Global

Equities, Convertibles

A, B, C

312%

AA-

Calamos Convertible and High Income Fund

CHY

2003

North America

Convertibles, High Yield

A, B, C

308%

AA-

Calamos Convertible Opportunities and Income Fund

CHI

2002

North America

Convertibles

A, B, C

305%

AA-

1 Average Total Asset Coverage calculated for times when MRPS have been outstanding.

The Funds were established by Calamos as diversified, closed-end management investment companies under the Investment Company Act of 1940 (the 1940 Act). The Funds are each traded on the Nasdaq Global Select Market exchange under their respective tickers.

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The ratings assigned to the MRPS are driven by a combination of the Funds’ historically strong asset coverage ratios and liquidity coupled with Calamos’ demonstrated management capabilities. Historically, total asset coverage has averaged above 300% for all of the Funds which is meaningfully above the 1940 Act 200% total leverage threshold. Even during periods of economic stress, Calamos has shown its ability to manage leverage effectively.

Click here to view the reports. To access ratings and relevant documents, click here.

Related Publications

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.

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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 U.S. Information Disclosure Form located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the U.S. Information Disclosure Form referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

KBRA is a full-service credit rating agency registered as an NRSRO with the U.S. Securities and Exchange Commission. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is a certified Credit Rating Agency (CRA) with the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe is registered with ESMA as a CRA.

View source version on businesswire.com:https://www.businesswire.com/news/home/20201216005693/en/

CONTACT: Analytical

Jillian Ziarko, Director (Lead Analyst)

+1 (646) 731-2448

jziarko@kbra.com

Dennis Young, Senior Director

+1 (646) 731-1233

dyoung@kbra.com

William Cox, Senior Managing Director (Rating Committee Chair)

+1 (646) 731-2472

wcox@kbra.com

Business Development

Sted Dowd, Managing Director

+1 (646) 731-2479

sdowd@kbra.com

KEYWORD: NEW YORK UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES INSURANCE FINANCE

SOURCE: Kroll Bond Rating Agency

Copyright Business Wire 2020.

PUB: 12/16/2020 10:02 AM/DISC: 12/16/2020 10:02 AM

http://www.businesswire.com/news/home/20201216005693/en