According to ChainCatcher, Hong Kong's Mandatory Provident Fund (MPF) managers have drafted a plan to reduce holdings of U.S. Treasury bonds within three months if the United States loses its last AAA credit rating. According to local regulations, funds under the HK$1.3 trillion mandatory provident fund scheme can only invest more than 10% of their assets in U.S. Treasury bonds when they receive AAA or equivalent ratings from recognized rating agencies in the U.S. After Moody's downgraded its rating last month, only Japan's Rating & Investment Information Inc. still maintains the highest rating for the U.S. The Mandatory Provident Fund Schemes Authority has urged pension fund management organizations to develop contingency plans.