Standard & Poor's, the New York rating agency, has bestowed some of its highest ratings on bank-managed mutual funds.

KeyCorp Mutual Fund Advisers Inc.'s Victory Fund for Income received an AAAf credit quality rating and is rated a-plus for risk.

The credit quality rating reflects the fund's strong protection against losses from credit and counterparty defaults, according to an S&P report. The risk rating reflects the fund's low sensitivity to changing market conditions, and the "plus" indicates lower risk than other funds in the category, the report said.

The Victory Fund for Income had $23 million under management as of Oct. 21.

S&P gave its highest rating to six Fleet Investment Advisors Inc. Galaxy Funds, including three money market funds and three public investment pools. The funds are all rated AAAm.

The funds are: Galaxy U.S. Treasury Fund, with $772 million in assets; Galaxy Government Fund, with $1.03 billion in assets; and Galaxy Money Market Fund, with $2 billion in assets.

The Municipal Plus Trust - Connecticut, Maine, and Rhode Island funds - have $12.9 million, $35 million, and $61.2 million in assets, respectively.

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