S&P published "Amortized Cost Pricing In Rated Money Market Funds", which says, "the use of amortized cost pricing for instruments with legal final maturities of 60 days or less in U.S.-registered money market funds and less than three months in Irish-domiciled money market funds would not have a negative impact on its 'AAAm' rated money market funds" if several conditions were met, including the security being rated A-1, not on Creditwatch, and not experiencing liquidity or credit events. Also required, "Consistent with our 'AAAm' criteria, rated funds provide a rationale for the process by which fund management has chosen to suspend mark-to-market pricing and details regarding the frequency of review and by whom it is undertaken." S&P's move echoes the SEC's Friday night move to allow amortized cost "shadow pricing" in certain cases. (See last Friday's Crane Data News "SEC Allows Amortized Cost 'Shadow Pricing' for Money Market Funds".)
