Company: CHY
Filing Date: 2025-02-24
Form Type: 424B5
Source: 0001104659-25-016491
Chunk: 331

Company: CALAMOS CONVERTIBLE & HIGH INCOME FUND
Filing Date: 2025-02-24
Form: 424B5
Chunk 331
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 business days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt offering. S&P Long-Term Issue Credit Ratings* Issue credit ratings are based, in varying degrees, on S&P Global Ratings analysis of the following considerations:

| ● | The likelihood of payment - the capacity and willingness of the obligor to meet its financial commitments on anobligation in 
 accordance with the terms of the obligation;                                                                                 |

| ● | The nature and provisions of the financial obligation, and the promise we impute; and |

| * | Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative 
 standing within the rating categories.                                                                      |

B-2

| ● | The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy, reorganization, 
 or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.                                |

An issue rating is an assessment of default risk, but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.) AAA:An obligation rated ‘AAA’ has the highest rating assigned by S&P Global Ratings. The obligor’s capacity to meet its financial commitments on the obligation is extremely strong. AA:An obligation rated ‘AA’ differs from the highest rated obligations only to a small degree. The obligor’s capacity to meet its financial commitments on the obligation is very strong. A:An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rated categories. However, the obligor’s capacity to meet its financial commitments on the obligation is still strong. BBB:An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to meet its financial commitments on the obligation. BB, B, CCC, CC, and C:Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘