A release entitled, "Moody's updates its money market funds methodology tells us, "Moody's Investors Service has published an updated money market funds (MMF) methodology, replacing the version from December 21, 2016. No changes to outstanding MMF ratings are expected to result from this update. The update includes a change in how Moody's calculates the impact of 50% redemption on a fund's adjusted net asset value under a stress scenario in cases where the regulation of the jurisdiction of operations for the fund requires it to hold a minimum level of weekly liquidity. The update further clarifies the mapping between obligations and the reference points we use as inputs into the credit matrix and NAV stress scenarios. It also provides more details about the mechanics of the credit matrix." The release adds, "MMF ratings are not credit ratings and are considered Other Permissible Services (OPS).... For a full explanation, please consult the updated report called "Money Market Funds" now available on www.moodys.com and accessible at: http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1147802." The full report comments, "In this methodology, we explain our general approach to assessing the investment quality of money market funds globally, including the qualitative and quantitative factors that are likely to affect money market fund (MMF) rating outcomes. MMF ratings are not credit ratings; they are opinions of the investment quality of shares in mutual funds and similar investment vehicles that principally invest in short-term fixed income obligations."

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