 Moodys Investors Service, Moodys has downgraded the ratings of auction rate preferred shares ARPS issued by AllianzGI Convertible Income Fund NCV and AllianzGI Convertible Income Fund II NCZ to A1 from Aa3 under review for downgrade. The downgrade of the ARPS ratings reflects the Funds elevated net asset value NAV volatility and weakened risk adjusted asset coverage ratios. 