Fund Scandal Not Affecting U.S. Money Market Fund Ratings, Says S&P.
       Independent Research Provider Says Liquidity and Credit Quality
                          At the Funds Remain Strong

    New York, Feb. 23 /PRNewswire/ -- Standard & Poor's, a leading provider of
independent investment research, ratings and indices, announced today that it
is maintaining its current fund credit ratings on all rated money market funds
whose management companies have been linked to allegations of late trading and
market-timing in the mutual fund industry.  Through one-on-one discussions
with senior fund company officials, Standard & Poor's has determined that the
allegations of inappropriate trading activity have not affected managements'
ability to maintain sufficient liquidity and high credit quality for the rated
money market funds.
    In light of the allegations involving inappropriate trading activity in
the fund industry, Standard & Poor's fund analysts determined it important to
evaluate the steps that fund management has taken, or is planning to take, to
ensure investor confidence in the safety and governance of its funds, as well
as its ability to maintain Standard & Poor's high standards associated with a
money market fund rating.  Standard & Poor's currently rates over 340 money
market funds in the United States.
    "One of Standard & Poor's major concerns for a money market fund is
management's ability to maintain sufficient liquidity to meet higher than
normal shareholder withdrawals -- especially during times of negative news for
the fund," explains Gary Arne, Managing Director of funds research at Standard
& Poor's.  "Through our weekly surveillance of all rated money market funds,
Standard & Poor's has not detected any extraordinary redemption activity
taking place at the funds."
    "In addition to maintaining sufficient liquidity, all of the money market
funds that Standard & Poor's rates continues to maintain the highest credit
quality standards essential to preserving their current rating," continues
Arne.  "Therefore, Standard & Poor's has not taken any fund ratings action
against any of its rated money market funds, and will continue to monitor the
steps for each fund company to rectify any deficiencies in their oversight of
fund trading practices."

    About Standard & Poor's Money Market Fund Ratings
    Standard & Poor's assigns ratings to money market funds based on the
fund's credit quality and liquidity, and its ability to manage both the market
risks and liquidity risks associated with these holdings given its shareholder
base.  Each money market fund's liquidity needs and its ability to hold and
manage less liquid securities is considered on a case-by-case basis.  A fund
with a limited operating history, or with a volatile shareholder base may not
be able to effectively manage and maintain a high degree of share price
stability with any exposure to securities with limited liquidity. In addition,
a fund manager must be able to:
     --   Clearly and effectively demonstrate a thorough understanding of the
          risks presented by the security
     --   Internally price or value the security
     --   Manage the liquidity of the fund based on its shareholder base and
          liquidity needs

    About Standard & Poor's
    As a recognized authority in institutional-quality financial research,
Standard & Poor's has 65 fund analysts located in nine offices around the
world offering in-depth mutual fund reports on over 15,000 U.S. domestic
mutual funds and ratings on over 1800 funds worldwide.  In addition, company's
custom-designed client solutions provide access to performance data on nearly
80,000 investment funds in the U.S., European, Asian, and Offshore universe.
    Standard & Poor's, a division of The McGraw-Hill Companies (NYSE: MHP), is
the world's foremost provider of independent credit ratings, indices, risk
evaluation, investment research, data and valuations.  With 5000 employees
located in 20 countries, Standard & Poor's is an essential part of the world's
financial infrastructure and has played a leading role for more than 140 years
in providing investors with the independent benchmarks they need to feel more
confident about their investment and financial decisions.  For more
information, visit http://www.standardandpoors.com.  Analytic services and products
provided by Standard & Poor's are the result of separate activities designed
to preserve the independence and objectivity of each analytical process.
Standard & Poor's has established policies and procedures to maintain the
confidentiality of non-public information received during each analytical
process.