In another blow to the beleagured "enhanced cash" sector, Moody'​s on Friday downgraded the rating of Citi Institutional Enhanced Income Fund, one of the pioneers in the space. The rating was cut to A/​MR4 from Aaa/​MR1 (​Aaa/​MR1+ is the highest money fund rating) "in the wake of credit downgrades within the fund and the increased sensitivity of the fund'​s net asset value to changes in market conditions." The funds, which are not money market funds, currently total a mere $​50 million and include hub Institutional Enhanced Portfolio, U.​S. spoke Citi Institutional Enhanced Income and Cayman Islands spoke Citi Institutional Enhanced Income Fund Ltd.

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