ACP: A High Beta CEF To Be Traded (Downgrade)

abrdn Income Credit Strategies Fund is a high-beta, global high-yield bond CEF with 30% leverage and significant non-U.S. exposure. ACP's 17% distribution rate is unsustainable, with only 49% supported by net investment income and 40% as return of capital. Credit spreads are historically tight, offering limited upside and heightened downside risk for ACP in the current macro environment.