Ranking Motion: Moody’s assigns Aa2 rankings to the desired shares issued by Nuveen Municipal Large Revenue Possibility Fund (NMZ)International Credit history Investigate – 20 Apr 2021New York, April 20, 2021 — Moody’s Investors Service (“Moody’s”) has assigned a Aa2 extensive-time period score to Sequence 2031 Adjustable Price MuniFund Expression Favored (AMTP) shares issued by Nuveen Municipal Significant Income Option Fund (ticker: NMZ), a closed-stop fund registered under the Financial investment Organization Act of 1940 with around $1.8 billion of assets under management. Concurrently, Moody’s affirmed the Aa2 very long-phrase score on the present Collection 2028 AMTP shares.The issuance displays the fund’s transition to increase the share of chosen leverage as a proportion of complete leverage, which will be about 34% subsequent to the issuance. Even though the Collection 2031 issuance briefly will increase the fund’s leverage to 38%, we be expecting this stage to lessen as the fund continues to difficulty shelf assets on a everyday foundation (popular shares), as it has carried out all over 2021.A summary of the rating action follows:Nuveen Municipal Substantial Cash flow Option Fund (NMZ) — AMTP Shares Sequence 2031 aggregate fantastic of $170. million (1,700 shares, liquidation preference of $100,000 for each share) — assigned Aa2Nuveen Municipal Substantial Earnings Prospect Fund (NMZ) — AMTP Shares Series 2028 aggregate fantastic of $87. million (870 shares, liquidation choice of $100,000 for every share) — affirmed Aa2Ratings RATIONALENMZ’s major expense objective is to give a substantial level of present cash flow exempt from common U.S. federal income tax. The fund’s secondary objective is to seek out overall return regular with its most important goal. The fund seeks to reach its expenditure goals by investing mostly in large yielding, low- to medium-quality municipal securities.NMZ’s Aa2 rating reflects the fund’s reliable hazard-modified asset coverage ratio supplies favored shareholders with important safety from asset deterioration. NMZ also maintains good coverage of its financing expenditures, like favored dividend payments.Offsetting the fund’s strengths is its asset profile which principally displays a large concentration of beneath expenditure grade, like non-rated, municipal securities, and could involve securities of an issuer that is in default or that is in personal bankruptcy or insolvency proceedings.Things THAT WOULD Direct TO AN Update OR DOWNGRADE OF THE Scores:An update from Aa2 would be achievable beneath the pursuing ailments: 1) a substance reduction in leverage 2) sustained advancement in asset quality or 3) sustained significant fixed cost protection.The Aa2 ranking could be downgraded if there is 1) a sustained drop in the fund’s threat altered asset coverage ratio 2) a deterioration in the credit rating quality of the fund’s investment portfolio 3) a sustained enhance in the fund’s leverage 4) compression in the fund’s coverage of fixed fees 4) financial debt funding combine continues to be weighted to senior relatively than preferred.RELATIVE Priority OF CLAIMIn addition to examining the essential rating factors described over, Moody’s considers the priority of claim of a fund’s precise security kinds and any other qualitative components applicable to the fund’s credit profile. In the scenario of favored securities, which is the instrument course connected with these rankings, a just one-notch downward adjustment from the senior score profile advised by the critical things is made to reflect the subordinate position of investors keeping desired stock relative to those holding senior unsecured financial debt obligations.The principal methodology utilised in these rankings was “Closed-Close Money Methodology” revealed in December 2020 and accessible at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1205925. Alternatively, remember to see the Score Methodologies website page on www.moodys.com for a duplicate of this methodology.REGULATORY DISCLOSURESFor even more specification of Moody’s vital score assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure sort. 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For provisional scores, this announcement provides certain regulatory disclosures in relation to the provisional score assigned, and in relation to a definitive ranking that may well be assigned subsequent to the last issuance of the financial debt, in every situation in which the transaction construction and phrases have not improved prior to the assignment of the definitive ranking in a method that would have impacted the score. For additional information and facts please see the scores tab on the issuer/entity webpage for the respective issuer on www.moodys.com.For any impacted securities or rated entities obtaining immediate credit score guidance from the key entity(ies) of this credit score rating action, and whose scores may change as a outcome of this credit score score motion, the involved regulatory disclosures will be these of the guarantor entity. 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