Fitch: UBS Puerto Rico CEF Indexed Medium-Term Notes Paid In Full

NEW YORK--()--The indexed medium-term notes (MTNs) previously issued by six Puerto Rico closed-end funds (CEFs) advised by UBS Asset Managers (Puerto Rico) have been paid in full. See full list below. There were no other index-linked notes outstanding at this time.

Consistent with its rating criteria, Fitch rates index-linked notes issued by Puerto Rico CEFs on an issue basis, whereas traditional debt programs issued by the funds are rated on a program basis. See press release link at the bottom for Fitch's annual rating review of the traditional MTNs and STN program issued by the manager.

Tax-Free Puerto Rico Fund, Inc.

--100% principal protection indexed MTNs, marked as 'paid in full' following its maturity on Oct. 31, 2012.

Tax-Free Puerto Rico Target Maturity Fund, Inc.

--100% principal protection indexed MTNs, marked as 'paid in full' following its maturity on Feb. 28, 2012.

Puerto Rico Fixed Income Fund, Inc.

--Three issues of 100% principal protection indexed MTNs, marked as 'paid in full' following their maturity on Nov. 30,2012, Dec. 28, 2012, and Jan. 29, 2013.

Puerto Rico Fixed Income Fund II, Inc.

--Two issues of 100% principal protection indexed MTNs, marked as 'paid in full' following their maturity on Feb. 28, 2013 and May 30, 2013.

Puerto Rico Fixed Income Fund IV, Inc.

--100% principal protection indexed MTNs, marked as 'paid in full' following its maturity on Oct. 30, 2012.

Puerto Rico AAA Portfolio Target Maturity Fund, Inc.

--100% principal protection indexed MTNs, marked as 'paid in full' following its maturity on July 31, 2013.

UBS Asset Managers of Puerto Rico is the funds' investment advisor, and subject to the supervision of the funds' boards of directors is responsible for the funds' overall investment strategy and implementation. UBS Asset Managers of Puerto Rico is a division of UBS Trust Company of Puerto Rico, which is an affiliate of UBS Financial Services Incorporated of Puerto Rico. As of June 30, 2013, UBS Asset Managers of Puerto Rico had $10.3 billion of assets under management.

Additional information is available at 'www.fitchratings.com'.

The sources of information used to assess this rating were the public domain, Popular Asset Management and UBS Asset Managers (Puerto Rico).

Applicable Criteria and Related Research:

--'Puerto Rico Closed-End Fund Debt and Preferred Stock' (Aug. 14, 2013);

--'Rating Closed-End Fund Debt and Preferred Stock' (Aug. 15, 2012);

--Counterparty Criteria for Structured Finance Transactions,' (May 30, 2012).

Applicable Criteria and Related Research:

Feedback Analysis: Counterparty Criteria for Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=678943

Rating Puerto Rico Closed-End Fund Debt and Preferred Stock

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=716223

Rating Closed-End Fund Debt and Preferred Stock

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=716220

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Contacts

Fitch Ratings
Primary Analyst
Yuriy Layvand, CFA, +1 212-908-9191
Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Ian Rasmussen, +1 212-908-0232
Senior Director
or
Eric Ouyang, +1 212-908-0734
Analyst
or
Media Relations, New York
Brian Bertsch, +1 212-908-0549
brian.bertsch@fitchratings.com

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Contacts

Fitch Ratings
Primary Analyst
Yuriy Layvand, CFA, +1 212-908-9191
Director
Fitch Ratings, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Ian Rasmussen, +1 212-908-0232
Senior Director
or
Eric Ouyang, +1 212-908-0734
Analyst
or
Media Relations, New York
Brian Bertsch, +1 212-908-0549
brian.bertsch@fitchratings.com