FLAHERTY & CRUMRINE PREFERRED & INCOME FUND INC (PFD)
PFD 8-K filings in 2017
Every material Form 8-K FLAHERTY & CRUMRINE PREFERRED & INCOME FUND INC filed with the SEC in 2017, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
The fund will change its investment policies effective February 21, 2017, loosening its credit rating rules for preferred securities. The new policy requires at least 85% of managed assets to be investment grade or issued by companies with investment grade issuer or senior unsecured debt ratings, and allows up to 15% in issuers rated below investment grade. The adviser says this reflects a shift in the preferred market, where only about 62% now carries an investment grade rating from at least one agency, down from 90% before the financial crisis.
Change effective February 21, 2017
Minimum investment grade threshold rises to 85% of managed assets, judged by security or issuer rating
Up to 15% may be held in securities rated below Ba3/BB-/BB- or from issuers with below investment grade ratings
Adviser says it has no current intention to buy securities rated B and below
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.
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