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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