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Rating:Money-Fund Directors Slam Proposed Credit Rule Change Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, August 29, 2008

Money-Fund Directors Slam Proposed Credit Rule Change

by: Erin Kello

Directors of money funds are sure of one thing, they don't want to replace the credit rating agencies. In Friday's WSJ Fund Track, Daisy Maxey reports that other proprietors of money market funds are starting to echo Vanguard's comments on the SEC's plans to amend Rule 2a-7. The regulatory agency has proposed that the boards of money funds be responsible for determining the creditworthiness of their investments, not ratings agencies.

Those speaking out against the measure include: Thomas Mooney, chairman of the board of the Advanced Series Trust, Prudential Series Fund and Prudential Gibraltar Fund Inc; the boards of two Evergreen money-market trusts and First American Funds; as well as Robin Smith, board chairman of the JennisonDryden and Target funds; and Robert Uek, chairman of the IDC governing council. 

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