Some of the largest U.S. money market funds hold billions of dollars in securities issued by...

|By:, SA News Editor

Some of the largest U.S. money market funds hold billions of dollars in securities issued by major Spanish and Italian banks, highlighting the potential risk of further deterioration in Europe. The banks remain highly rated by the major rating firms, and the funds apparently are in good shape for now, holding short-term maturities that reduce the risk of default.