Despite good ratings, a fund is shunned

Despite good ratings, a fund is shunned.
Ottimo Funding, an issuer of economically important corporate paper, has the highest possible credit rating and does not own subprime mortgage bonds. That made no difference to investors who refused to buy Ottimo"s $3 billion of short-term debt this month as losses on home loans to risky borrowers infect the global credit markets. 'It"s pretty much a straight contagion,' said George Marshman, chief investment officer of Aladdin Capital Management, which oversees about $20 billion, including Ottimo. The problems at Ottimo illustrate deeper problems now that credit has diminished and suspicions have grown. The $1.1 trillion market for commercial paper that once bought assets - from mortgages to car loans - has seized up just as more than half of that amount comes due in the next 90 days, according to the Federal Reserve.


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