​ SunTrust'​s STI Classic Funds Obtains No-​Action Letter on Cheyne SIV. Fund news website ignites.​com informs us that Trusco Capital Management, advisor to the STI Classic money funds, has obtained a "​no-​action" letter from the SEC to purchase a letter of credit from parent company SunTrust Bank to protect its minimal holdings (​0.​8%) of Cheyne medium-​term notes. STI joins Legg Mason and SEI in a growing list of fund firms that have obtained protections requested by S&​P and Moody'​s to maintain AAA fund ratings. S&​P has previously said that about a "​dozen" funds that it rates hold Cheyne debt, which had been rated A-​1+ (​the highest short-​term rating) but is currently one of the few money market securities in the recent turmoil to actually default.

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