When Moody’s Investors Service put the short-term credit rating of Bank of America under review for a downgrade back in February, that stirred up the water for tax-exempt money market funds.

In fact, Moody’s placed the credit ratings of many large financial institutions under review. But B of A provides the credit backing for a huge amount of short-term municipal securities — variable-rate demand notes and obligations — that money market funds have purchased.

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