Fitch Affirms Preferred Share Ratings of 2 Pioneer Corporate Fixed-Income Closed End Funds at 'AAA'

Fitch Ratings has affirmed the 'AAA' ratings assigned to the following auction market preferred shares (AMPS) issued by two leveraged closed-end funds advised by Pioneer Investments Management Inc. (Pioneer):

Pioneer Floating Rate Trust (NYSE: PHD):

--$60,850,000 of auction market preferred shares, series M7 with a liquidation preference of $25,000 per share;

--$60,800,000 of auction market preferred shares, series Th7 with a liquidation preference of $25,000 per share;

--$60,800,000 of auction market preferred shares, series W7 with a liquidation preference of $25,000 per share.

Pioneer High Income Trust (NYSE: PHT):

--$50,500,000 of auction market preferred shares, series M7, with a liquidation preference of $25,000 per share;

--$50,500,000 of auction market preferred shares, series W28, with a liquidation preference of $25,000 per share;

--$50,000,000 of auction market preferred shares, series Th7, with a liquidation preference of $25,000 per share.

The main drivers for the 'AAA' rating affirmations are sufficient asset coverage provided to the AMPS by the underlying portfolios of assets, structural protections afforded by mandatory de-leveraging/cure provisions in the event of asset coverage declines, the legal and regulatory parameters that govern the funds' operations and the capabilities of Pioneer as investment advisor. Fitch's ratings assigned to the AMPS speak only to the credit risk of the securities and not to potential liquidity in the secondary market.

As of Feb. 11, 2011, PHD's total assets were approximately $518 million, and total leverage, consisting of AMPS, was approximately $182 million, or 35% of total assets. As of the same date, PHT's total assets were approximately $580 million and total leverage, consisting of AMPS was approximately $151 million, or 26% of total assets. PHT also engaged in securities lending amounting to approximately $25 million of securities lent, which Fitch rating criteria also considers as leverage.

At the time of the rating affirmations, the funds' asset coverage ratios, as calculated in accordance with the Fitch total and net overcollateralization tests (Fitch OC tests) per the 'AAA' rating guidelines outlined in Fitch's applicable criteria, were in excess of 100%, which is the minimum asset coverage amount deemed consistent with an 'AAA' rating. The funds' governing documents require that asset coverage for the ARPS, as calculated in accordance with the Fitch OC tests, be maintained in excess of 100%. As such, should the asset coverage decline below 100%, the governing documents require the funds to alter the composition of their portfolio toward assets with lower discount factors, or to reduce leverage in a sufficient amount to restore compliance within a 40 business day period.

Additionally, as of the same date, the funds' asset coverage ratios for total outstanding AMPS, as calculated in accordance with Pioneer's interpretation of the Investment Company Act of 1940, were in excess of 200%, which is also a minimum asset coverage required by the funds' governing documents.

Pioneer Floating Rate Trust (PHD):

PHD is a diversified, closed-end management investment company, registered under the 1940 Act that commenced operations in December 2004. The fund's investment objective is to seek high current income with a secondary objective of capital preservation. The fund seeks to achieve these objectives by investing at least 80% of its assets in senior floating-rate loans, all or any portion of which may be below investment-grade. The fund also may invest in other floating- and variable-rate instruments, including senior loans, second lien loans and high-yield corporate bonds. The fund does not have a policy of maintaining a specific average credit quality of its portfolio or a minimum portion of its portfolio that must be rated investment grade. As of Feb. 11, 2011, leveraged loans constituted approximately 96% of the portfolio. As of the same date, approximately 17% of the portfolio was invested in the computer and electronics, telecommunications sector and approximately 15% was invested in the healthcare sector. Other notable industry concentrations include business services (6%), automobiles, building and materials, chemicals (5%) and broadcasting, media and cable (4%).

Pioneer High Income Trust (PHT):

PHT is a diversified, closed-end management investment company, registered under the 1940 Act that commenced operations in April 2002. The fund's investment objective is to seek high current income with a secondary objective of capital appreciation. The fund seeks to achieve these objectives by investing at least 80% of its assets below investment-grade (high-yield) debt securities, loans and preferred stock. While the fund may have some exposure to emerging market debt and international high-yield bonds, the focus is on domestic high-yield securities, with an emphasis on basic industries such as healthcare, banking, finance and insurance and computer, electronics and telecommunications. The fund may also invest up to 50% of the total assets in illiquid securities. As of Feb. 11, 2011, 80% of the portfolio consisted of corporate bonds, with the remainder of the portfolio invested in asset backed securities, cash equivalents, collateralized mortgage obligations, catastrophe bonds, convertible preferred stock and common stock. Computer, electronics and telecommunications was the fund's largest sector concentration and accounted for approximately 11% of the portfolio. The next largest sector concentrations were automobiles, building and materials, chemicals (10%), energy (oil and gas) (10%), banking, finance and insurance (9%) and business services (7%).

Pioneer acts as the funds' investment advisor and is a wholly owned subsidiary of Pioneer Global Asset Management S.p.A., an investment management arm of UniCredit Banking Group. As of Jan. 31, 2011, Pioneer Global Asset Management S.p.A. had approximately $253 billion of assets under management.

The ratings may be sensitive to material changes in the credit quality or market risk profile of the funds. A material adverse deviation from Fitch guidelines for any key rating driver could cause the rating to be lowered by Fitch. For additional information about Fitch closed-end fund rating guidelines, please review the criteria referenced below, which can be found on Fitch's web site.

Additional information is available at 'www.fitchratings.com'.

The sources of information used to assess these ratings were Pioneer and the public domain.

Applicable Criteria and Related Research:

--'Closed-End Funds: Evolving Use of Leverage and Derivatives' (Sept. 27, 2010);

--'Closed-End Funds: Redemptions Provide Some Liquidity to Illiquid AMPS Market' (Aug. 30. 2010);

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

Applicable Criteria and Related Research:

Closed-End Funds: Evolving Use of Leverage and Derivatives

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=559525

Closed-End Funds: Redemptions Provide Some Liquidity to Illiquid ARPS Market

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=552106

Closed-End Fund Debt and Preferred Stock Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=462492

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.