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Article: Credit reports aren't the whole story, manager says.(rating agency reports, money market funds, Jane E. Trust of Legg Mason Inc.)
- Article from:
- The Bond Buyer
- Article date:
- June 23, 1995
- Author:
CopyrightCOPYRIGHT 1995 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Money market fund managers must do more than rely on rating agency reports when buying securities, according to Jane E. Trust, portfolio manager at Legg Mason Inc.
To satisfy the Securities and Exchange Commission's regulations governing money market funds, she said, managers must carry out their own, independent review of anything they plan to buy.
While funds could use the rating agencies' report as a source of information, Trust said they had to make their own assessment that a security would pose a minimal credit risk to their portfolio.
Speaking at this week's IBC Money Market Fund Forum '95 in New York City, Trust also outlined the warnings she ...