Company: NAZ
Filing Date: 2025-02-28
Form Type: N-2
Source: 0001839882-25-012465
Chunk: 121

Company: NUVEEN ARIZONA QUALITY MUNICIPAL INCOME FUND
Filing Date: 2025-02-28
Form: N-2
Chunk 121
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+/A-1+’). Moody’s Investors Service, Inc.—A brief description of the applicable Moody’s Investors Service, Inc. (“Moody’s”) rating symbols and their meanings (as published by Moody’s) follows: Municipal Bonds Aaa Obligations rated ‘Aaa’ are judged to be of the highest quality, subject to the lowest level of credit risk. Aa Obligations rated ‘Aa’ are judged to be of high quality and are subject to very low credit risk. A Obligations rated ‘A’ are considered upper-medium grade and are subject to low credit risk. Baa Obligations rated ‘Baa’ are subject to moderate credit risk. They are considered medium grade and as such may possess certain speculative characteristics. Ba Obligations rated ‘Ba’ are judged to have speculative elements and are subject to substantial credit risk. B Obligations rated ‘B’ are considered speculative and are subject to high credit risk. Caa Obligations rated ‘Caa’ are judged to be of poor standing and are subject to very high credit risk. Ca Obligations rated ‘Ca’ are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest. C Obligations rated ‘C’ are the lowest rated class of bonds and are typically in default, with little prospect for recovery of principal or interest. Note: Moody’s applies numerical modifiers 1,2 and 3 in each generic rating classification from ‘Aa’ through ‘Caa’. The modifier 1 indicates mat the issue ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates that the issue ranks in the lower end of its generic rating category. A-4 Short-Term Loans MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing. MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group. MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established. SG This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection. VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit strength