UPDATE: Bank of America Upgrades Blackrock International Growth and Income to Neutral

Bank of America has published a research report on Blackrock International Growth and Income BGY and has upgraded the company from Underperform to Neutral based on more stable distribution following recent dividend reduction. In the report, Bank of America writes, "We are upgrading Blackrock International Growth and Income Trust (BGY) from Underperform to Neutral based on a more stable distribution following the recent 35% dividend reduction that has brought the fund's current yield more in line with that of its peers (11.4% vs. the peer average of 11.1%). We believe that the lower yield on BGY is appropriate given the lower income generating potential of the Fund due to a low asset base and low implied volatility in the market. Our previous Underperform rating on BGY was largely based on a relatively high valuation and a dividend that we believed was the least stable of the Option Strategy CEFs that we cover. Prior to the dividend cut, BGY was paying out nearly 16% of assets on an annual basis." Blackrock International Growth and Income is currently trading up $0.11 from yesterday's $7.73 closing price.