Investors in loss-making money market funds are less likely to be bailed out by fund sponsors in the future, it has been claimed.

Moody's, the ratings agency, argued that in the absence of government intervention, this could have a destabilising effect on financial markets .

The agency calculated that, during the 2007-09 financial crisis, 62 money market funds - 36 in the US and 26 in Europe - were rescued by their sponsor or parent company, the Financial Times reports.

These bail-outs, Moody's explained, prevented funds from making losses, or breaking the buck in industry jargon, which enabled investors to walk away unscathed.

Even before the crisis, however, financial rescues were far from uncommon.

Indeed, Moody's found that 146 funds would have broken the buck without the intervention of their parent company between 1980 and mid-2007.

This suggests that the apparently conservative money market funds are susceptible to losses even in relatively normal market conditions.

Moody's performs international financial research and analysis on commercial and government entities.