Four Nuveen Closed-End Funds Have Certain Long-Term Preferred Share Ratings Withdrawn

Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that at the request of the fund’s investment adviser, Standard & Poor’s (S&P) withdrew its long-term ratings from all series of Variable Rate Demand Preferred (VRDP) and MuniTerm Preferred (MTP) shares issued by four Nuveen municipal bond closed-end funds. The S&P short-term ratings for the two VRDP series remain A-1+. Fitch and Moody’s continue to provide both long-term and short-term ratings for each of the funds. The long-term and short-term Fitch ratings for each of the funds’ preferred shares are AAA and F-1+ respectively. The long-term and short-term Moody’s rating are Aa2 and P-1.

The four funds, their prior S&P long-term and, for VRDP, short-term ratings and their current S&P ratings after S&P’s actions are as follows:

Fund Name

Common Share Ticker

Preferred Type

Preferred CUSIP

Prior S&P Long-Term/Short-Term Ratings

Current S&P Long-Term/Short-Term Ratings

        
      
      
        
          Nuveen Pennsylvania Investment Quality Municipal Fund Inc.
        
        
           
        
        
          NQP
        
        
           
        
        
          VRDP
        
        
           
        
        
          670972 603
        
        
           
        
        
          AAA / A-1+
        
        
           
        
        
          NR / A-1+
        
      
      
        
          Nuveen Pennsylvania Premium Income Municipal Fund 2
        
        
           
        
        
          NPY
        
        
           
        
        
          VRDP
        
        
           
        
        
          67061F 408
        
        
           
        
        
          AAA / A-1+
        
        
           
        
        
          NR / A-1+
        
      
      
        
          Nuveen Pennsylvania Dividend Advantage Municipal Fund
        
        
           
        
        
          NXM
        
        
           
        
        
          MTP
        
        
           
        
        
          67070E 301
        
        
           
        
        
          AAA
        
        
           
        
        
          NR
        
      
      
        
          Nuveen Pennsylvania Dividend Advantage Municipal Fund 2
        
        
           
        
        
          NVY
        
        
           
        
        
          MTP
        
        
           
        
        
          67071W 300
        
        
           
        
        
          AA+
        
        
           
        
        
          NR
        
      
      
        
        
        
           
        
        
        
        
           
        
        
        
        
           
        
        
        
        
           
        
        
        
        
           
        
        
        
      
    
    

Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, LLC, Symphony Asset Management LLC, NWQ Investment Management Company, LLC, Santa Barbara Asset Management, LLC, Tradewinds Global Investors, LLC, Winslow Capital Management, LLC and Gresham Investment Management LLC, all of which are registered investment advisers and subsidiaries of Nuveen Investments, Inc. Funds distributed by Nuveen Securities, LLC, a subsidiary of Nuveen Investments, Inc. In total, Nuveen Investments managed approximately $215 billion as of September 30, 2013. For more information, please visit the Nuveen Investments website at www.nuveen.com.

Nuveen InvestmentsMedia Contact:Kristyna Munoz, (312) [e-mail]