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NEW YORK--(BUSINESS WIRE)--

Fitch Ratings has affirmed the 'AAA' ratings assigned to the following auction market preferred shares (AMPS) issued by two leveraged closed-end funds advised by Pioneer Investments Management Inc. (Pioneer):

Pioneer Floating Rate Trust (NYSE: PHD - News): --$60,850,000 of auction market preferred shares, series M7 with a liquidation preference of $25,000 per share; --$60,800,000 of auction market preferred shares, series Th7 with a liquidation preference of $25,000 per share; --$60,800,000 of auction market preferred shares, series W7 with a liquidation preference of $25,000 per share.

Pioneer High Income Trust (NYSE: PHT - News): --$50,500,000 of auction market preferred shares, series M, with a liquidation preference of $25,000 per share; --$50,500,000 of auction market preferred shares, series W, with a liquidation preference of $25,000 per share; --$50,000,000 of auction market preferred shares, series TH, with a liquidation preference of $25,000 per share.

KEY RATING DRIVERS The affirmation of the 'AAA' ratings reflects: --Sufficient asset coverage provided to the AMPS by the underlying portfolios of assets; --The structural protections afforded by mandatory de-leveraging provisions in the event of asset coverage declines; --The legal and regulatory parameters that govern the funds' operations; --The capabilities of Pioneer as investment advisor.

Fitch's ratings assigned to the AMPS speak only to the credit risk of the securities and not to potential liquidity in the secondary market.

LEVERAGE As of Jan. 27, 2012, PHD's total assets were approximately $507 million, and total leverage, consisting of AMPS, was approximately $182 million, or 35% of total assets. As of the same date, PHT's total assets were approximately $526 million and total leverage, consisting of AMPS was approximately $151 million, or 29% of total assets.

ASSET COVERAGE At the time of the rating affirmations, the funds' asset coverage ratios, as calculated in accordance with the Fitch total and net overcollateralization tests (Fitch OC tests) per the 'AAA' rating guidelines outlined in Fitch's applicable criteria, were in excess of 100%, which is the minimum asset coverage amount deemed consistent with an 'AAA' rating. The funds' governing documents require that asset coverage for the ARPS, as calculated in accordance with the Fitch OC tests, be maintained in excess of 100%. As such, should the asset coverage decline below 100%, the governing documents require the funds to restore compliance within a 40 business day period.

Additionally, as of the same date, the funds' asset coverage ratios for total outstanding AMPS, as calculated in accordance with Pioneer's interpretation of the Investment Company Act of 1940, were in excess of 200%, which is also a minimum asset coverage required by the funds' governing documents.

PIONEER FLOATING RATE TRUST (PHD): PHD is a diversified, closed-end management investment company, registered under the 1940 Act that commenced operations in December 2004. The fund's investment objective is to seek high current income with a secondary objective of capital preservation. The fund seeks to achieve these objectives by investing at least 80% of its assets in senior floating-rate loans, all or any portion of which may be below investment-grade. The fund also may invest in other floating- and variable-rate instruments, including senior loans, second lien loans and high-yield corporate bonds. The fund does not have a policy of maintaining a specific average credit quality, or a minimum portion of its portfolio that must be rated investment grade.

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Fitch Affirms Preferred Share Ratings of 2 Pioneer Corporate Fixed-Income Closed End Funds at 'AAA'