Vanguard is blasting an SEC proposal that seeks to ease money-market funds' reliance on credit agency ratings for their purchases. In Friday's WSJ Fund Track, Duncan Ferr reports that Vanguard chairman and CEO John Brennan penned a letter to the SEC saying that his company, "strongly opposes the commission's proposal to eliminate references to credit ratings in Rule 2a-7 -- a rule that has provided a strong regulatory framework for money market funds since its adoption 25 years ago." Part of the proposal would allow funds to invest in short-term debt without considering the rating by agencies like Moody's Investors Service, Standard & Poor's and Fitch Ratings.  

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