AIM Management Group said its national tax-free money market fund for institutional customers has been given the highest rating by Moody's Investor Services.
The $1 billion-asset Tax Free Investments Company Cash Reserve Portfolio is sold through intermediaries including banks, insurance companies, and brokerages. It is 100% invested in municipal debt. The fund, which already had the highest rating from Standard & Poor's, is the first tax-free fund to be rated by Moody's. The rating should make it even more attractive to municipalities, corporations, and other target investors, said Karen Dunn Kelley, senior vice president at AIM Capital Management, the firm's money management arm.
AIM has five domestic and two offshore money market institutional funds, all of them rated AAA by Moody's and Standard & Poor's. It has $18.5 billion of such funds in the institutional market.
AIM, based in Houston, has been in the money market business since 1980 and in the tax-free money market business since 1983.
- Stephen Garmhausen