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Western Asset’s Walsh Says He’ll Still Buy Treasuries After Cut

Stephen Walsh, chief investment officer at Western Asset Management Co., the Pasadena, California-based bond unit of Legg Mason Inc., comments on the impact of the U.S. credit rating downgrade on the firm’s money-market and bond funds.

“Our money funds are required to invest in securities with the full faith and credit of the U.S. government but it doesn’t speak to a rating,” Walsh said. The downgrade won’t have an impact on how the firm’s money funds and bond funds invest, which will continue to buy U.S. Treasuries, he said.

“Our conversations with central banks and foreign investors show that they won’t view Treasuries differently,” Walsh said in an interview.

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