Q: Currently, Standard & Poor's provides a credit rating service for bond funds. Why expand to market risk ratings?

O'Neill: Obviously what we've seen, and many others have seen, is that the larger risk that's emerging in bond funds today is not credit risk, per se, but market risk. We are concerned that our relatively high credit ratings -- AA, AAA, primarily AAA -- may be construed to mean that all risks are relatively minimal, when all risks are not.

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