The securities are not backed by the Federal Government but will be rated triple A and insured by a consortium of insurance companies.

Most convertible securities are rated below investment grade but many funds own high-quality junk securities.

The securities are rated A by Moody's.

The securities are rated A by both Moody's and Standard & Poor's.

Chrysler's securities are rated the lowest among the Big Three, making it difficult to borrow money or sell debt securities.

Most convertible securities are rated below investment grade, but the funds concentrate on relatively high quality "junk," Mr. Desmond says.

If, however, a security is rated "first tier" by at least two rating agencies, a fund may place up to 5 percent of its assets in the note.

Neither the auto maker nor its finance subsidiary can borrow in the public credit markets because their securities are rated at "junk bond" levels.

Those securities are rated triple-A as a result.

Those securities are rated A- by Standard & Poor's.