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PHILADELPHIA, PA / ACCESSWIRE / December 10, 2024 / abrdn Income Credit Strategies Fund (NYSE:ACP) (the "Fund"), a closed-end fund, announced today that it has reduced its monthly distribution from US 10 cents per share to US 7.75 cents per share, commencing with the distribution payable on January 10, 2025 to shareholders of record as of December 30, 2024 (ex-dividend date December 30, 2024). This represents a change in the annualized distribution rate from 18% to 14% based on NAV as of December 9, 2024. The Fund intends to maintain this distribution level for at least the next 12 months unless there is significant and unforeseen changes in market conditions. The Fund's distribution policy is to provide investors with a stable monthly distribution out of current income, supplemented by realized capital gains and, to the extent necessary, paid-in capital, which is a non-taxable return of capital. The Fund's monthly distribution has remained unchanged since September 2020. The Investment Adviser has advised the Fund's Board of Trustees (the "Board") that it believes that the reduced monthly distribution is more consistent with sustainable earnings of the Fund. The current reduction in distribution takes into account many factors, including, but not limited to, current and expected earnings and abrdn Investments Limited, the Investment Adviser, economic and market outlook. In approving the decrease to the distribution rate, the Board considered, among other things, the strong long-term past performance of the investment advisor as well as their outlook on the market going forward. The investment advisor is optimistic on both the near term and long-term prospects for returns within the High Yield market, with the combination of an attractive level of income and the advisor's historic ability to generate capital appreciation in a range of market outcomes as the drivers of their outlook. However, as credit spreads have tightened over recent years, the Board believes it to be prudent to lower the distribution rate to reflect a decreased total return potential in excess of income over the near term. Both the Board and the Investment Advisor remain committed to offering a product with a premium level of income, and that will not change. The pro forma level of distribution is expected to continue to stand out from the competitive set within the peer group while allowing the advisor the flexibility to invest in assets that put the best interests of the investor base as the top priority. Circular 230 disclosure: To ensure compliance with requirements imposed by the U.S. Treasury, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code of 1986, as amended, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. In the United States, abrdn is the marketing name for the following affiliated, registered investment advisers: abrdn Inc., abrdn Investments Limited, and abrdn Asia Limited. Closed-end funds are traded on the secondary market through one of the stock exchanges. The Fund's investment return and principal value will fluctuate so that an investor's shares may be worth more or less than the original cost. Shares of closed-end funds may trade above (a premium) or below (a discount) the NAV of the Fund's portfolio. There is no assurance that the Fund will achieve its investment objective. Past performance does not guarantee future results. www.abrdnacp.com ### For More Information Contact: abrdn U.S. Closed-End Funds Investor Relations 1-800-522-5465 Investor.Relations@abrdn.com SOURCE: abrdn Income Credit Strategies Fund View the original on accesswire.comFaruqi & Faruqi Reminds PACS Group Investors of the Pending Class Action Lawsuit with a ...
A Vintage Vow: The Story Behind One Vogue Editor’s 1957 Bergdorf Goodman Wedding DressToo early to celebrate – Arne Slot keeps leaders Liverpool focusedNew Delhi: The internationalization of the unified payments interface (UPI) is progressing rapidly, as India emerges as a world leader in leveraging digital technologies for transformative change, according to a Reserve Bank of India (RBI) report. The UPI hit a milestone of 16.6 billion transactions in a month in October, with improvements in its capabilities like successful instant debit reversals at 86 per cent (77 per cent in the same month last year). “India’s UPI, an open-ended system that powers multiple bank accounts into a single mobile application of any participating bank, is propelling inter-bank peer-to-peer and person-to-merchant transactions seamlessly,” said RBI Deputy Governor Michael Debabrata Patra in the report. Also Read: Man, smashes Ola scooter after receiving Rs 90,000 bill for repairs According to Patra, innovations in the digital credit landscape such as Account Aggregators, OCEN, and financial services on ONDC have also contributed to productivity gains. As of March 2024, ONDC operates in over 720 cities, with orders at 49.72 million. The Trade Receivables Discounting System (TReDS) addresses the credit gap of MSMEs estimated at around Rs 52.2 trillion by connecting them with banks, and clients, with a reduction in funding costs up to 2.5 percentage points. “The value of invoices financed through TReDS have surged more than 23 times. As of October 2024, around 5,000 active FinTechs are involved in providing various financial and technical solutions to businesses, including MSMEs, helping businesses better manage their operations and improve supply chain finance,” wrote Patra. Around 40 per cent of the rural population and 78 per cent in the 20-30 years age group in the overall population use internet in India, with approximately one-third of households engaging in online purchases of consumables and services, one-fourth in buying of consumer durables, and nearly one-tenth in food purchases. The rising importance of embedded financing is reflected in its share in FinTech funding, which has grown from two per cent in 2020 to nine per cent in 2024, wrote Patra. Taking these developments into account, a summary measure of digitalisation for India has been constructed by using a dynamic factor model (DFM). “The index has been rising, reflecting the ongoing digital revolution. The spread of digitalisation has spurred research on assessing the effects of digitalisation on the economy and the transmission of monetary policy,” said Patra. India is uniquely positioned to unlock new growth avenues and optimise existing ones with its digital public infrastructure (DPI), a vibrant information technology (IT) sector and a burgeoning youth population, including one of the largest AI talent bases, noted the RBI Deputy Governor.
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