NEW YORK (Standard & Poor's) Jan. 6, 2009--Standard & Poor's Rating Services
said today that it has withdrawn its fund ratings on eight funds at the
request of the funds' investment adviser, Reserve Management Co. Inc.
The eight funds (see list below) were part of a Sept. 16, 2008, fund
ratings action that lowered the principal stability fund ratings on two of The
Reserve's funds - Primary Fund and the Reserve International Liquidity Fund
Ltd. to 'Dm' and placed the principal stability and fund credit/volatility
ratings on six other Reserve funds on CreditWatch with negative implications.
The CreditWatch actions for the six rated Reserve funds were based on the
potential for material asset outflows and management's ability to meet
redemptions in full. Prior to these rating withdrawals, we affirmed our
principal stability and fund credit/volatility ratings on the six others
funds.
Rating Actions To From
Reserve Funds - Primary Fund NR Dm
Reserve International Liquidity Fund Ltd.
NR Dm
Reserve Funds - Interstate Tax Exempt Fund
Am Am/Watch Neg
NR Am
Reserve Funds - Treasury & Repo Fund
AAAm AAAm/Watch Neg
NR AAAm
Reserve Funds - U.S. Government Fund
AAAm AAAm/Watch Neg
NR AAAm
Reserve USD International Treasury & Repo Fund Ltd.
AAAm AAAm/Watch Neg
NR AAAm
Reserve USD International Treasury Fund Ltd.
AAAm AAAm/Watch Neg
NR AAAm
Reserve Yield Plus Fund AAAf/S1+ AAAf/S1+/Watch
Neg
NR AAAf/S1+
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