Company: NAZ
Filing Date: 2025-04-15
Form Type: N-2/A
Source: 0001999371-25-004231
Chunk: 118

Company: NUVEEN ARIZONA QUALITY MUNICIPAL INCOME FUND
Filing Date: 2025-04-15
Form: N-2/A
Chunk 118
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 five 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 restructuring. A-3 Dual Ratings S&P assigns “dual” ratings to all debt issues that have a put option or demand feature as part of their structure. The first component of the rating addresses the likelihood of repayment of principal and interest as due, and the second component of the rating addresses only the demand feature. The first component of the rating can relate to either a short-term or long-term transaction and accordingly use either short-term or long-term rating symbols. The second component of the rating relates to the put option and is assigned a short-term rating symbol (for example, ‘AAA/A-1+’ or ‘A-1+/A-1’). With U.S. municipal short-term demand debt, the U.S. municipal short-term note rating symbols are used for the first component of the rating (for example, ‘SP-1+/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