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Fund Spy: Morningstar Medalist Edition

June Ratings Activity Sees More Downgrades

Six new ratings were issued as well.

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June was another active month for Morningstar Analyst Ratings. There were seven downgrades, one upgrade, and six new ratings issued. Below are some of the highlights, followed by the full list of June ratings activity.

Upgrades
 American Funds Limited-Term Tax-Exempt Bond (LTEBX) was upgraded to Bronze from Neutral. Managers Brenda Ellerin and Neil Langberg have been on this fund since 1996 and 1993, respectively, and are one of the longest-tenured teams in the muni national short Morningstar Category. The fund is also attractively priced, with the majority of assets in share classes that carry a Morningstar Fee Level of Low or Below Average.

Brian Moriarty does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.