|Bid||15.13 x 1800|
|Ask||0.00 x 900|
|Day's Range||15.56 - 15.64|
|52 Week Range||13.47 - 15.96|
|Beta (5Y Monthly)||0.24|
|PE Ratio (TTM)||26.88|
|Forward Dividend & Yield||0.65 (4.19%)|
|Ex-Dividend Date||Apr 14, 2021|
|1y Target Est||N/A|
The appointment of a new Liquidity Provider bank with the same short-term CRA has no impact on our view of the short term rating of the affected series of VRDP.Through and including 12 February 2021, the Series 4 VRDP Shares have the benefit of an unconditional demand feature pursuant to a purchase obligation provided by Citibank, N.A. ("Citibank").Effective at the close of business on 12 February 2021, upon the expiration of the Citibank VRDP purchase agreement, the Series 4 VRDP Shares will have the benefit of an unconditional demand feature pursuant to a purchase obligation provided by Royal Bank of Canada ("RBC"). RBC's VRDP purchase obligation is substantially identical to the purchase obligation the fund had received from Citibank.FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGThe P-1 rating for the Series 4 VRDP Shares may be downgraded if the short-term counterparty risk assessment of P-1(cr) for Royal Bank of Canada is downgraded.The principal methodology used in this rating was "Closed-End Funds Methodology" published in December 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1205925.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Nuveen California AMT-Free Quality Municipal Income Fund and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 13 January 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.