Fitch Affirms Preferred Share Ratings of 3 Eaton Vance Closed End Funds at 'AAA'

NEW YORK--(BUSINESS WIRE)--

Fitch Ratings has affirmed the 'AAA' ratings assigned to the following auction market preferred shares (AMPS) issued by the following three closed-end funds managed by Eaton Vance Management:

Eaton Vance Floating-Rate Income Trust EFT

--Series A, 640 shares outstanding, with a liquidation preference of $25,000 per share;

--Series B, 640 shares outstanding, with a liquidation preference of $25,000 per share;

--Series C, 640 shares outstanding, with a liquidation preference of $25,000 per share;

--Series D, 640 shares outstanding, with a liquidation preference of $25,000 per share;

--Series E, 640 shares outstanding, with a liquidation preference of $25,000 per share.

Eaton Vance Senior Floating-Rate Trust EFR

--Series A, 1313 shares outstanding, with a liquidation preference of $25,000 per share;

--Series B, 1313 shares outstanding, with a liquidation preference of $25,000 per share;

--Series C, 1313 shares outstanding, with a liquidation preference of $25,000 per share;

--Series D, 1313 shares outstanding, with a liquidation preference of $25,000 per share.

Eaton Vance Limited Duration Income Fund (NYSE AMEX:EVV)

--Series A, 2133 shares outstanding, with a liquidation preference of $25,000 per share;

--Series B, 2133 shares outstanding, with a liquidation preference of $25,000 per share;

--Series C, 2133 shares outstanding, with a liquidation preference of $25,000 per share;

--Series D, 2133 shares outstanding, with a liquidation preference of $25,000 per share;

--Series E, 2133 shares outstanding, with a liquidation preference of $25,000 per share.

The 'AAA' ratings are based on sufficient asset coverage provided to the AMPS by the funds' underlying portfolios of assets, 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 and the capabilities of Eaton Vance Management as the investment advisor. The affirmations reflect the funds' finalized adoption of deleveraging provisions consistent with Fitch's closed-end fund rating criteria.

As of Jan. 29, 2010, leverage, consisting of senior borrowings and rated AMPS, was approximately 37% of total assets for EFR and EFT and 32% for EVV. As of the same date, the asset coverage ratios for each fund, as calculated per the Fitch criteria, were in excess of 100% for an 'AAA' rating level, which is a minimum asset coverage required by the funds' governing documents. The funds' asset coverage ratios for total outstanding AMPS and borrowings, as calculated in accordance with the Investment Company Act of 1940, were in excess of 200%, which is also a minimum asset coverage required by the funds' governing documents. Should either of the asset coverage tests for a given fund decline below their minimum threshold amounts, the governing documents require such fund to delever in a sufficient amount to restore compliance with the applicable asset coverage test(s).

Eaton Vance Floating-Rate Income Trust and Eaton Vance Senior Floating-Rate Trust are diversified, closed-end management investment companies registered under the Investment Company Act of 1940, as amended that commenced operations in June 2004 and November 2003, respectively. Each fund has the investment objective of providing a high level of current income, with a secondary objective of seeking capital preservation. Under normal market conditions, the funds will seek to invest at least 80% of portfolio assets in senior loans. The funds may also invest in second-lien loans and high-yield bonds.

Eaton Vance Limited Duration Income Fund is a non-diversified, closed-end management investment company, registered under the Investment Company Act of 1940, as amended. The fund commenced operations in May 2003 with the investment objective of seeking a high level of current income with a secondary objective of seeking capital appreciation. The fund invests primarily in two investment categories, U.S. government agency mortgage-backed securities and investments rated below investment grade including senior loans and bonds.

Eaton Vance Management, a subsidiary of Eaton Vance Corp. acts as the investment adviser to the funds. As of Jan. 31, 2010, Eaton Vance and its affiliates managed approximately $162 billion in assets.

Fitch rates the AMPS of a fourth closed-end fund managed by Eaton Vance, Eaton Vance Credit Opportunities Fund EOE 'AA'. Given that EOE will be acquired by Eaton Vance Limited Duration Income Fund prior to the opening of business on March 12, 2010, the fund has elected not to implement deleveraging provisions consistent with Fitch's updated closed-end fund rating criteria. Upon reorganization, EOE's outstanding AMPS will be fully redeemed. As of Jan. 29, 2010 EOE maintained asset coverage levels consistent with the 'AA' rating. Fitch will continue to monitor EOE's asset coverage levels until the fund's AMPS are paid in full.

Applicable criteria available on Fitch's web site at www.fitchratings.com include:

--'Closed-End Fund Debt and Preferred Stock Rating Criteria' (Aug. 17, 2009).

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