A press release entitled, "Moody's updates its Money Market Funds Methodology" explains, "Moody's Investors Service has today published an updated Money Market Funds methodology, which replaces the methodology "Money Market Funds" published in December 2015. This minor update provides additional clarification on the mapping between short term obligations and the long-term reference points that we use as inputs into the Credit Matrix and NAV stress models. In particular, it clarifies how we map non-traditional repurchase instruments and, in the absence of corresponding long-term ratings, commercial paper (CP) short-term ratings. It also explains how we consider CP that does not rank pari passu with long-term senior unsecured debt." The release adds, "MMF ratings are not credit rating and are considered Other Permissible Services (OPS). This press release is not intended to provide a summary of the methodology. For a full explanation of the methodology, please consult the updated report, now available on www.moodys.com and accessible at: http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1051766." Moody's revised "Methodology" document explains, "This methodology explains Moody's approach to rating money market funds (MMF). Moody's money market fund ratings are not credit ratings1; they are opinions of the investment quality of shares in mutual funds and similar investment vehicles which principally invest in short-term fixed income obligations. MMF ratings are expressed through a specific set of rating symbols and definitions to recognize their unique risks, allow for differentiation among funds, and distinguish our money market fund ratings from Moody's credit ratings."

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