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

NEW YORK--(BUSINESS WIRE)--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-

¹Average 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.

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.

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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 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.