Bond Buyer's "Merrill's Downgrades Affecting TOBs"

Nov 02 07

The Bond Buyer weighs in with "Merrill's Downgrades Affecting TOBs". As WSJ mentioned yesterday, some are spreading rumors that a Merrill Lynch downgrade may impact the tender-option bond market, a mainstay of municipal money market funds. But, as BB points out, ratings are determined by underlying assets and guarantors, not by who put together the trust. "Merrill's TOB programs have grown to $40 billion or more," says the article, though only a fraction are lower-grade and may be impacted.

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