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S&P says reviewing public sector's Madoff investments

NEW YORK, Dec 16 (Reuters) - Public sector entities, such as universities, that invested with indicted money manager Bernard Madoff, will now be reviewed to see whether their ratings should be cut as a result of their likely investment losses, Standard & Poor’s Ratings Services said on Tuesday.

“We understand that the list of investors in the Madoff funds includes other managers and financial institutions, and some municipal entities may have investments in funds of funds managed by other institutions that are Madoff investors,” the credit ratings agency said in a statement.

Adding it will rely on public borrowers to disclose the impact of any losses they have suffered, the credit agency added that until the Madoff investigation is complete it will assume “the complete loss of the market value” of the stakes.

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