Business Investment Question:

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I don't use a rating guide at all. Remember that these are portfolios of securities of a (presumably) less risky nature so an absolute rating of quality might be a little hard to believe in. I look at the range of price movement over a minimum of three to five years to assess risk based on the current price, and try to avoid buying at extremely high historical levels, when possible.
* The next issue is reasonableness of the yield vs. the amount of leverage used. Avoid excessively high or low leverage in the same way that you avoid excessively high or low yields.
* The relationship to NAV is certainly important to consider, but don't let it become the primary issue.
* The S & P Stock Guide is still the one. Most of the information you need is provided, toward the back of the book.
* A significant issue, and this is something you need to develop, is confidence and experience with these securities both generally and specifically. It takes time and patience.
* Remember, the ability to trade is a secondary benefit of income CEFs.