Abrdn Asia-Pacificome Fund (FAX) Stock

NEW YORK--(BUSINESS WIRE)-- #creditratingagency--KBRA assigns a 'AA-' rating to Series B Mandatory Redeemable Preferred Shares (“MRPS”) issued by abrdn Asia-Pacific Income Fund, Inc. (NYSE: FAX) (“FAX” or the “Fund”). Additionally, KBRA affirms the rating assigned to Series C, D and E Senior Notes. The Outlook on all ratings is Stable. The ratings continue to be supported by the asset coverage, the credit quality and liquidity of the underlying assets, and the management experience of the Fund's investment adviser,.

PHILADELPHIA, PA / ACCESSWIRE / August 19, 2024 / abrdn Asia-Pacific Income Fund, Inc. (NYSE American:FAX) (the "Fund"), a closed-end fund, announced today that the Fund's Board of Directors approved a 1-for-6 reverse stock split of the Fund's common stock. The Fund anticipates completing a 1-for-6 reverse stock split prior to the open of trading on the New York Stock Exchange (the "NYSE") on September 9, 2024, for common stockholders of record as of the close of business on September 6, 2024.

Emerging Asian bonds, the key focus of abrdn's Asia-Pacific Income Fund, have been a beacon of resilience this year. Relative spreads are perhaps too narrow at this point, though, and could be vulnerable to a correction as longer-duration Treasuries normalize. FAX hasn't offered the returns to justify its high expense, levered portfolio and could be particularly vulnerable in a downturn.