Standard & Poor's Ratings Services recently removed the single-A rating cap on mutual fund fee securitizations, giving the transactions access to the full range of bond ratings available through the rating agency.

The cap was put in place because of uncertainty as to whether a mutual fund's board of directors would stop the payment of fees on a retroactive basis. Mutual funds cover distribution-related expenses by charging investors 12-b1 fees and contingent deferred sales loads (CDSLs).

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