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Money Market Funds

A Standard & Poor's principal stability fund rating, also known as a "money market fund rating", is a forward-looking opinion about a fixed income fund's capacity to maintain stable principal (net asset value). When assigning a principal stability rating to a fund, Standard & Poor's analysis focuses primarily on the creditworthiness of the fund's investments and counterparties, and also its investments' maturity structure and management's ability and policies to maintain the fund's stable net asset value. Principal stability fund ratings are assigned to funds that seek to maintain a stable or an accumulating net asset value.

Principal Stability Ratings focus on the following aspects of money market funds:

  • Investments and counterparties
  • Investments’ market-price exposure
  • Liquidity

Standard & Poor's money market fund ratings are designated with a subscript letter 'm' (for example, 'AAAm'). This distinguishes it from a Standard & Poor's debt rating, which usually is not subscripted, and which indicates a borrower's ability to repay principal and interest on a timely basis.

How are Principal Stability Ratings used?

Fund sponsors use the ratings for asset growth and retention and in the marketing of their funds. Fund investors use Principal Stability Ratings to assist in fund selection.

CreditMatters TV:
27 Sep 2012  |  Money Market Funds Face Uncertainty Over ECB Interest Rate

19 Jul 2012  |  Negative Yield Implications For European Money Market Funds (00:03.41 min)
21 Feb 2012  |  Money Market Funds Face Challenges In 2012 (00:04:43 min)

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