Reuters says "​U.​S. tax-​free funds liquidate bond insurer exposure". "U.​S. tax-​free money market funds are selling insured variable-​rate municipal notes amid fears that multiple-​notch downgrades of troubled bond insurer ratings could hurt liquidity in the market," says the Friday evening article. It adds "Said Rafat, managing director at Fitch Ratings, said that some of the money market funds rated by Fitch have been selling assets they deem at risk, but liquidations have been orderly." He says, "To this point we'​ve not seen any material impact on the net asset values of the funds that we rate".

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