2008-05-16 23:59:54 -

- Fitch affirms the rating assigned to the auction rate cumulative preferred stock series M, T, W, TH, and F issued by Calamos Global Dynamic Income Fund in the total amount of $50,000,000 at 'AAA'. The rating affirmation follows redemption of certain shares of the above mentioned series in the total amount of $300,000,000 or 85% of the total amount

of preferred shares outstanding. The 'AAA' rating denotes expectations of very low credit risk.

The fund intends to change its primary method of leverage from preferred shares to a combination of debt and preferred shares. A proportionate amount of each series of the fund's auction rate cumulative preferred shares is expected to be redeemed at by May 19, 2008.

Calamos Global Dynamic Income Fund is a diversified, closed-end management investment company, whose common shares are traded on the NYSE under the symbol 'CHW'. It was organized on June 27, 2007. As of March 28, 2008, the fund had approximately $1.10 billion in assets under management.

The fund's investment objective is to provide high current income for holders of its common stock consistent with preservation of capital. The fund invests primarily in a globally diversified portfolio of convertible instruments, common and preferred stocks, and other income-producing securities. The fund also invests in securities of foreign issuers, in developed and emerging markets, including debt and equity securities of corporate issuers and debt securities of government issuers.

The affirmed rating is based on the strength of the fund's underlying portfolio that provides preferred stock liquidation coverage as well as the quality and experience of the fund's investment manager. At the time of the rating affirmation, the fund's pro-forma preferred stock coverage ratios that take the above named redemption into effect, calculated in accordance with the requirements of the 1940 Act as amended and the Fitch coverage ratio satisfied regulatory requirements mandating an asset coverage ratio of at least 200% as well as Fitch's minimum coverage ratio requirements of at least 100%.

The fund is managed by Calamos Advisors LLC. Calamos and its affiliates had approximately $43.7 billion in assets under management as of April 30, 2008.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 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.

Fitch Ratings, New York
Viktoria Baklanova, CFA, 212-908-9162
Yuriy Layvand, CPA, 212-908-9191
or
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Kenneth Reed, 212-908-0540