OREANDA-NEWS. S&P Global Ratings today assigned its short-term 'A-2' ratings to Nuveen Quality Municipal Income Fund's (NAD's) variable-rate demand preferred (VRDP) shares series 1, 2, and 3. We also assigned our short-term 'A-1+' rating to Nuveen AMT-Free Quality Municipal Income Fund's (NEA's) VRDP shares series 3, and our short-term 'A-2' rating to NEA's VRDP shares series 4. At the same time, we withdrew our short-term ratings on the VRDP shares from Nuveen Investment Quality Municipal Fund Inc. (NQM), Nuveen Premier Municipal Income Fund Inc. (NPF), Nuveen Select Quality Municipal Fund Inc. (NQS), Nuveen Municipal Market Opportunity Fund Inc. (NMO), and Nuveen Premium Income Municipal Fund 2 Inc. (NPM) (see list).

The short-term rating assignments to the respective series of VRDP shares from the NAD and NEA funds reflect the short-term ratings on the respective underlying liquidity providers. The rating withdrawals follow the reorganizations of NQM, NPF, and NQS into NAD, and NMO and NPM into NEA.

The NAD fund's VRDP shares were issued in connection with the reorganization between the NAD fund, formerly named Nuveen Dividend Advantage Municipal Fund, Nuveen Premium Income Municipal Fund Inc. (NPI), NQM, NQS, and NPF. Under the reorganization, NPI transferred its assets to the NAD fund in exchange for common shares and series 2018 variable-rate MuniFund preferred term shares (VMTP, which we are not rating), NQM transferred its assets to the NAD fund in exchange for common shares and series 1 VRDP and series 2017 VMTP shares (which we are not rating), NQS transferred its assets to the NAD fund for common shares and series 2 VRDP shares, and NPF transferred its assets to the NAD fund in exchange for common shares and series 3 VRDP shares. The surviving NAD fund was renamed Nuveen Quality Municipal Income Fund. NAD's outstanding series 2019 VMTP shares are not rated by S&P Global Ratings.

The NEA fund's VRDP shares were issued in connection with the reorganization between the NEA fund, formerly named Nuveen AMT-Free Municipal Income Fund, NMO, NPM, and Nuveen Performance Plus Municipal Fund Inc. (NPP). Under the reorganization, NMO transferred its assets to the NEA fund in exchange for common shares and series 3 VRDP shares, NPM transferred its assets to the NEA fund in exchange for common shares and series 4 VRDP shares, and NPP transferred its assets to the NEA fund in exchange for common shares and series 2018 VMTP shares (which we are not rating). The surviving NEA fund was renamed Nuveen AMT-Free Quality Municipal Income Fund. NEA's outstanding series 2019 VMTP are not rated by S&P Global Ratings but the outstanding series 1 and 2 VRDP are.