A BusinessWire press release entitled, "Fitch Withdraws 'AAAmmf' Ratings on BlackRock's Money Market Funds," says, "Fitch Ratings has today withdrawn the 'AAAmmf' ratings assigned to the following money market funds managed by BlackRock Institutional Management Corporation and BlackRock Advisors, LLC: BlackRock Liquidity Fund: MuniFund, BlackRock Liquidity Fund: Treasury Trust Fund, BlackRock Liquidity Fund: Federal Trust Fund, FFI Treasury Fund (BlackRock), FFI Government Fund (BlackRock), FFI Institutional Fund (BlackRock), FFI Select Institutional Fund (BlackRock), and Master Institutional Portfolio (BlackRock)." The release adds, "At the time of the rating withdrawals, the funds' portfolio parameters were viewed as consistent with Fitch's 'AAAmmf' rating criteria. The withdrawal of the ratings does not reflect any adverse financial factors or the emergence of any negative credit issues. Fitch will no longer provide rating and analytical coverage of these money market funds." These funds continue to be triple-A rated by Standard & Poor's and Moody's Investors Service. The move appears to be a cost-savings and consolidation measure.
