Fitch Rates VMTP Shares Issued by 3 Invesco Closed-End Funds 'AAA'

Fitch Ratings has assigned 'AAA' ratings to approximately $220.5 million of Variable Rate Muni Term Preferred Shares (VMTP Shares) issued by three municipal closed-end funds managed by Invesco. A complete list of the funds and the associated VMTP Shares is included at the end of this rating action commentary.

KEY RATING DRIVERS

The 'AAA' ratings are based on asset coverage provided to the VMTP Shares by the funds' portfolios, structural protections afforded by mandatory deleveraging provisions in the event of asset coverage declines, the legal and regulatory parameters that govern the funds' operations and the capabilities of Invesco as investment adviser.

LEVERAGE

The funds will use the gross proceeds from the sale of the VMTP Shares to fully redeem the funds' outstanding Auction Rate Preferred Shares. The VMTP Shares are variable-rate preferred stock with three-year terms, and are privately placed.

ASSET COVERAGE

As of Feb. 29, 2012, the funds' pro forma asset coverage ratios, as calculated in accordance with the Fitch total and net overcollateralization (OC) tests per the 'AAA' rating guidelines outlined in Fitch's criteria, were in excess of 100%, which is the minimum threshold required under such 'AAA' rating guidelines.

As of the same date, the funds' pro forma asset coverage ratios for total outstanding preferred shares, as calculated in accordance with the Investment Company Act of 1940, were in excess of the minimum asset coverage of 225% required by the funds' governing documents (Minimum Asset Coverage Test).

Also as of the same date, the funds' pro forma effective leverage ratios were below the maximum leverage ratio of 45% allowed by the funds' governing documents (Effective Leverage Test).

In the event of asset coverage declines, the funds' governing documents will require the funds to reduce leverage in order to restore compliance with the OC test(s) breaching the required threshold(s).

THE FUNDS

The funds are closed-end management investment companies regulated by the Investment Company Act of 1940. The funds currently invest primarily in investment grade quality municipal bonds.

Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd., is the funds' adviser, responsible for the funds' overall investment strategies and their implementation. Invesco Ltd. had approximately $672.8 billion of assets under management as of March 31, 2012.

RATING SENSITIVITY

The ratings assigned to the VMTP shares may be sensitive to material changes in the leverage composition, portfolio credit quality or market risk of the funds. A material adverse deviation from Fitch guidelines for any key rating driver could cause ratings to be lowered by Fitch.

For additional information about Fitch rating guidelines applicable to debt and preferred stock issued by closed-end funds, please review the criteria referenced below, which can be found on Fitch's web site at 'www.fitchratings.com'. The assigned ratings are as follow:

--$76,800,000 of Series 2015/6-VTN VMTP Shares, with a liquidation preference of $100,000 per share, due June 1, 2015, issued by Invesco Van Kampen Trust For Investment Grade New York Municipals (VTN), rated 'AAA';

--$130,100,000 of Series 2015/6-VPV VMTP Shares, with a liquidation preference of $100,000 per share, due June 1, 2015, issued by Invesco Van Kampen Pennsylvania Value Municipal Income Trust (VPV), rated 'AAA';

--$13,600,000 of Series 2015/6-IQN VMTP Shares, with a liquidation preference of $100,000 per share, due June 1, 2015, issued by Invesco New York Quality Municipal Securities (IQN), rated 'AAA'.

The sources of information used to assess this rating were the public domain and Invesco.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Closed-End Funds: Derivatives Under Review' (Nov. 16, 2011);

--'Primer: CEF Variable-Rate Demand Preferred Shares' (Oct. 27, 2011);

--'Tax-Exempt CEFs Change Leverage' (June 17, 2011);

--'Rating Closed-End Fund Debt and Preferred Stock' (Aug. 16, 2011).

Applicable Criteria and Related Research:

Closed-End Funds: Derivatives Under Review (Increased Use and Limited Transparency Are Key Considerations)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=656591

Primer: CEF Variable-Rate Demand Preferred Shares (Closed-End Fund VRDPs Target Short-Term, Money Market Investors)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=654295

Tax-Exempt CEFs Change Leverage (ARPS Balances Reduced; New Securities Provide Flexibility)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=637110

Rating Closed-End Fund Debt and Preferred Stock

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=648840

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