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ARCHIVE | Criteria | Financial Institutions | Fixed-Income Funds: Funds Rating Criteria: Tax-Exempt Money Market Funds Feb 07
Standard & Poors, Feb 2007
Abstract
In addition to analyzing taxable money funds, Standard & Poor's Ratings Services analyzes tax-exempt or municipal money market funds that invest primarily in short-term municipal securities. In assigning ratings to tax-exempt money market funds, our analytical scope factors in all Nationally Recognized Statistical Rating Organization (NRSRO) ratings assigned to individual securities. This policy allows us to take a broad-based portfolio approach in analyzing all tax-exempt funds. To rate tax-exempt money market funds that hold securities that we have not rated, we must be able to assess the funds' credit evaluation methods. Therefore, in conjunction with all ratings assigned to tax-exempt funds, we conduct a detailed review of each fund's credit analysis approach. This entails meeting with each fund's credit research...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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