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RWNs Loom Large for MMFs

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  • by Editor
  • in Recent Posts · Treasury
  • — 28 Oct, 2011

Fitch Ratings yesterday announced they are close to completing a review of rated Money Market Funds (MMFs) which followed a spate of negative bank ratings actions by the agency. While a number of MMFs subsequently fell foul of Fitch’s global MMF rating critera, Fitch believes that the “appropriate corrective adjustments are being implemented by fund managers”.

Fitch also noted, however, “that MMFs remain exposed to further potential negative bank rating actions”, in view of their exposure to several banks on Ratings Watch Negative including Barclays plc, Credit Suisse, Morgan Stanley, Bank of America, Goldman Sachs, and UniCredit S.p.A..

The ratings agency continues to monitor how “MMFs adjust their portfolios in response to recent and potential future bank downgrades”.

Image: jscreationzs / FreeDigitalPhotos.net

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  • 151 BRIEFS – WHAT’s NEW?

    • Homes England agrees strategic partnership with two authorities
    • Soaring inflation and pay pressures to add £3.6bn to council budgets
    • Underfunded social care reforms could ‘exacerbate workforce pressures’
    • Nottingham City Council leader labels proposed intervention as ‘disappointing’
    • Government preparing to intervene in Nottingham City Council
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