Moody's Investors Service issued a press release, "Moody's withdraws the Aaa-mf money market fund ratings of two Fidelity money market funds." It says, "Moody's Investors Service has withdrawn the Aaa-mf money market fund ratings of two Fidelity funds, Fidelity Cash Management Funds -- Prime Fund and Fidelity Cash Management Funds -- Treasury Fund. Moody's has withdrawn the ratings for its own business reasons." The CMF Prime Fund is being merged into the Fidelity Government Money Market Fund as stated in a recent SEC filing. Fidelity announced this back in January; see our Feb. 2 News, "Fidelity Announces Major Changes to MMFs; Staying Stable, Going Govt." Further, the Fidelity Treasury Money Market (FLTXX) was merged into CMF Treasury Fund on June 19, 2015 as we reported in our April 14 News, "Fidelity Operational Update Details More Changes; Alpine Liquidates." In another release, "Moody's Assigns Aaa-mf Rating to Three Money Market Funds Managed by UBS Global Asset Management," the ratings agency says, "Moody's Investors Service has today assigned a Aaa-mf rating to UBS (Irl) Select Money Market Fund - EUR, UBS (Irl) Select Money Market Fund - GBP and UBS (Irl) Select Money Market Fund – USD, three constant net asset value money market funds domiciled in Ireland and managed by UBS Global Asset Management (UK) Limited, part of UBS Global Asset Management. The ratings reflect the funds' strong ability to meet the dual objectives of providing liquidity and preserving capital. This view is supported by the funds' high scores for each of the key rating factors, including credit quality, asset profile, liquidity and exposure to market risk." Finally, in other news, the Association for Financial Professionals posted an article, "Negative Rates in Europe: Impact On Cash, Liquidity," which says, "Negative benchmark rates in Europe, combined with the impact of 30-day liquidity coverage ratio rules for banks under Basel III and changes to money market fund (MMF) regulations, have created a trifecta of challenges to traditional cash and liquidity management." In other news, CFO writes "BofA Sells Money-Market Fund Unit".
