Moody's Withdraws Some Ratings
Moody's Investor's Service posted two press releases yesterday and two more today -- "Moody's withdraws Aaa/MR1+ ratings of six Nomura Money Market Funds," "Moody's withdraws the Aaa/MR1 ratings of Pictet Global Selection Fund - Euro Cash," "Moody's withdraws Aaa/MR1+ rating on Nikko Money Market Fund -- US Dollar Portfolio," and "Moody's withdraws Aaa/MR1+ ratings of two Nomura Money Market Funds." The first says, "Moody's Investors Service has withdrawn for business reasons the Aaa/MR1+ ratings of six Nomura money market funds: Nomura Multi Currency MMF -- US Money Market Fund, Australian Dollar Money Market Fund, G.B. Pound Money Market Fund, Canadian Dollar Money Market Fund, Euro Money Market Fund, and New Zealand Dollar Money Market Fund.... Moody's Investors Service has withdrawn the credit rating for its own business reasons.... The last rating action on Nomura Multi Currency MMF - US Money Market Fund was on 3 December 2007 when the fund was rated Aaa/MR1+." The second says, "Moody's Investors Service has withdrawn for business reasons the Aaa/MR1 ratings of Pictet Global Selection Fund-Euro Cash.... The last rating action on Pictet Global Selection Fund-Euro Cash was on 26 April 2002 when the fund was assigned a Aaa/MR1 rating." The Nomura fund is one of the only funds offering Canadian, Australian and New Zealand currencies to "offshore" investors. Note that normally fund ratings are withdrawn for cost considerations or because a fund liquidation is imminent. See also, SmartMoney's "Where Did All the Money Funds Go?".
