NEW YORK (Standard & Poor's) March 21, 2008--Standard & Poor's Ratings
Services today affirmed its view that overnight repo investments with The Bear
Stearns Cos. Inc. (BBB/Watch Dev/A-3) are consistent with our rated fund
criteria that look to the creditworthiness of the repo counterparty. The
criteria for highly rated funds calls for repo providers to maintain
short-term ratings of 'A-1+' or 'A-1' or equivalent credit quality. This is
based on JPMorgan Chase & Co.'s (AA-/A-1+/Stable) plans to acquire Bear
Stearns, and its guaranty agreement, which unconditionally guaranties the due
and punctual payment of all covered liabilities of the covered Bear entities
(as defined in the guaranty agreement). Standard & Poor's Principal Stability
Fund Ratings (also known as Money Market Fund Ratings) express our opinion
regarding a fund's ability to maintain principal stability and to limit
exposure to losses due to credit, market, and/or liquidity risks. Our Fund
Credit Quality ratings are assigned to all types of fixed-income funds or
portfolios with fluctuating or variable net asset values and addresses the
level of protection that the fund's portfolio provides against losses from
credit defaults. Principal Stability Fund Ratings are identified by an 'm'
(i.e. 'AAAm') and Fund Credit Quality Ratings are identified by an 'f' (i.e.
'AAAf') after the traditional rating symbology to distinguishes fund ratings
from debt ratings.
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