The Bond Buyer weighs in with "​Merrill'​s Downgrades Affecting TOBs". As WSJ mentioned yesterday, some are spreading rumors that a Merrill Lynch downgrade may impact the tender-​option bond market, a mainstay of municipal money market funds. But, as BB points out, ratings are determined by underlying assets and guarantors, not by who put together the trust. "Merrill'​s TOB programs have grown to $​40 billion or more," says the article, though only a fraction are lower-​grade and may be impacted.

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