WASHINGTON -- Standard & Poor's Corp. has assigned a B-plus risk rating to a Piper Jaffray Inc. bond fund that became the focus of federal and state investigations and investor lawsuits after suffering major derivatives-related losses earlier this year.

Standard & Poor's said Friday that it assigned this new risk rating for the first time to the Institutional Government Income Fund as well as three closed-end funds that are managed by Piper Capital Management Inc.

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