DNP Select Income Fund Inc., Duff & Phelps Utility and Corporate Bond Trust Inc. and DTF Tax-Free Income Inc. Comment on Moody's Revised Rating Methodology and Downgrade of Closed-End Fund Preferred Shares

CHICAGO, July 12, 2012 /PRNewswire/ -- DNP Select Income Fund Inc. (NYSE: DNP), Duff & Phelps Utility and Corporate Bond Trust Inc. (NYSE: DUC) and DTF Tax-Free Income Inc. (NYSE: DTF), three registered closed-end diversified management investment companies advised by Duff & Phelps Investment Management Co. (the "Funds"), have commented on the downgrades resulting from Moody's Investors Service ("Moody's) revised methodology for rating closed-end fund ("CEF") preferred shares.

Moody's has downgraded the ratings of debt and preferred shares issued by all equity, municipal bond and taxable fixed income CEFs, including the Funds. The rating actions conclude reviews initiated in May 2012, when obligations of all CEFs were placed on review for downgrade following the publication of Moody's revised methodology for rating securities issued by CEFs. The revised rating methodology incorporates the market volatility experienced in the 2008 financial crisis on the different types of assets in which funds invest, as well as their leverage, portfolio diversity and other factors.

DNP's Auction Preferred Stock and Remarketed Preferred Stock (CUSIPs 23325P856, 23325P872, 23325P500 and 23325P609) are now rated A1. DUC's Auction Market Preferred Shares (CUSIP 26432K306) are now rated Aa2. DTF's Remarketed Preferred Stock (CUSIP 23334J206) is now rated Aa1. All of the Funds' preferred shares were formerly rated Aaa. Under the terms of the Funds' charters the rating changes will result in higher dividend rates on the preferred shares, as set forth in the applicable prospectuses. However, there has been no change in the Funds' objectives or investment strategies, or ability to continue to meet their obligations to preferred shareholders.

DNP Select Income Fund Inc. is a registered closed-end diversified management investment company whose primary investment objectives are current income and long-term growth of income. The Fund seeks to achieve these objectives by investing primarily in a diversified portfolio of equity and fixed income securities of companies in the public utilities industries. For more information, visit www.dnpselectincome.com or call (800) 864-0629.

Duff & Phelps Utility and Corporate Bond Trust Inc. is a registered closed-end diversified management investment company whose primary investment objective is high current income consistent with investing in securities of investment grade quality. The Fund seeks to achieve its objectives by investing substantially all of its assets in a diversified portfolio of utility income securities, corporate income securities, mortgage-backed securities and asset-backed securities. For more information, visit www.ducfund.com or call (800) 338-8214.

DTF Tax-Free Income Fund Inc. is a registered closed-end diversified management investment company whose primary objective is current income exempt from regular federal income tax consistent with preservation of capital. The fund seeks to achieve its investment objective by investing primarily (at least 80% of its total assets) in a diversified portfolio of investment-grade tax-exempt obligations. For more information, visit www.dtffund.com or call (800) 243-4361 ext. 4941.

Duff & Phelps Investment Management Co. has more than 28 years of experience managing investment portfolios, including institutional separate accounts and open- and closed-end funds investing in utilities, infrastructure and real estate investment trusts (REITs). For more information, visit www.dpimc.com.

Duff & Phelps is a subsidiary of Virtus Investment Partners (NASDAQ: VRTS), a multi-boutique asset manager with $38.0 billion under management as of March 31, 2012. Virtus provides investment management products and services to individuals and institutions through a multi-manager asset management business, comprising a number of individual affiliated managers, each with a distinct investment style, autonomous investment process and individual brand. Additional information can be found at www.virtus.com.

The information in this communication is not complete and may be changed.

Certain statements made in this press release are forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to: market developments; legal and regulatory developments; and other additional risks and uncertainties. As a result, neither the Funds nor any other person assumes responsibility for the accuracy and completeness of such statements in the future.

SOURCE DNP Select Income Fund Inc.; DTF Tax-Free Income Inc.; Duff & Phelps Utility and Corporate Bond Trust Inc.

Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here