Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:At Reserve's Request, S&P Stops Rating 8 Funds Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, January 6, 2009

At Reserve's Request, S&P Stops Rating 8 Funds

Reported by Neil Anderson, Managing Editor

Standard & Poor's just withdrew its ratings on eight liquidating Reserve funds: International Liquidity, Interstate Tax Exempt, Primary, Treasury & Repo, U.S. Government, USD International Treasury & Repo, USD International Treasury and Yield Plus. According to S&P, the move was made at the behest of Reserve itself.

For the full story on the the death of the Reserve and its Primary Fund, see MFWire's timeline.

A spokeswoman for Reserve confirmed that the eight funds are no longer being rated, but she declined to comment further on the move.

The Reserve announced the planned liquidation of the Primary Fund, which famously broke the buck after Lehman Brothers went bankrupt, at the end of September (see MFWire, 9/30/2008). U.S. Government started on the liquidation path on October 1, and six of Reserve's funds followed suit eight days later (see MFWire, 10/2/2008 and 10/10/2008).


Company Press Release

NEW YORK Jan. 6, 2009--Standard & Poor's Rating Services said today that it has withdrawn its fund ratings on eight funds at the request of the funds' investment adviser, Reserve Management Co. Inc.

The eight funds (see list below) were part of a Sept. 16, 2008, fund ratings action that lowered the principal stability fund ratings on two of The Reserve's funds - Primary Fund and the Reserve International Liquidity Fund Ltd. to 'Dm' and placed the principal stability and fund credit/volatility ratings on six other Reserve funds on CreditWatch with negative implications.

The CreditWatch actions for the six rated Reserve funds were based on the potential for material asset outflows and management's ability to meet redemptions in full. Prior to these rating withdrawals, we affirmed our principal stability and fund credit/volatility ratings on the six others funds.

Rating Actions To From

Reserve Funds - Primary Fund NR Dm

Reserve International Liquidity Fund Ltd.

NR Dm

Reserve Funds - Interstate Tax Exempt Fund

Am Am/Watch Neg

NR Am

Reserve Funds - Treasury & Repo Fund

AAAm AAAm/Watch Neg

NR AAAm

Reserve Funds - U.S. Government Fund

AAAm AAAm/Watch Neg

NR AAAm

Reserve USD International Treasury & Repo Fund Ltd.

AAAm AAAm/Watch Neg

NR AAAm

Reserve USD International Treasury Fund Ltd.

AAAm AAAm/Watch Neg

NR AAAm

Reserve Yield Plus Fund AAAf/S1+ AAAf/S1+/Watch

Neg

NR AAAf/S1+ 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use