Fitch Ratings has assigned an 'AAAmmf' rating to the Dreyfus Institutional Preferred Government Plus Money Market Fund.

The fund is a Rule 2a-7 registered government money market fund (MMF) managed by BNY Mellon Investment Adviser, Inc. (BNY Mellon).

KEY RATING DRIVERS

The rating reflects Fitch's review of the fund's investment and credit guidelines, credit quality and diversification, liquidity profile, as well as the capabilities of BNY Mellon to manage the fund. The 'AAAmmf' rating assigned to the fund indicates an extremely strong capacity to achieve the investment objective of preserving principal and providing liquidity through limiting credit, market and liquidity risk.

Asset Credit Quality

The fund invests solely in fixed and floating rate government securities, repurchase agreements collateralized by government securities, and cash. Specifically, government securities include obligations issued or guaranteed as to principal and interest by the U.S. government or by its agencies or instrumentalities.

U.S. Government and Agencies on Negative Outlook

The Negative Rating Outlook assigned to the United States and to U.S. government sponsored entities does not have a direct impact on the fund's rating, nor would a hypothetical downgrade of U.S. government and agency debt to 'AA+', assuming no changes to the current portfolio.

This is due to the fact that 'AA+'-rated investments are still viewed as supportive of a 'AAAmmf' rating, provided all other maturity, duration, diversification and liquidity guidelines outlined in Fitch's MMF rating criteria are satisfied. That said, in the event that a downgrade of the U.S. rating had material impacts on the fund's asset liquidity and/or ability to meet redemptions, these could adversely impact Fitch's rating analysis.

Maturity Profile

The fund seeks to limit interest rate and spread risk by maintaining a weighted average maturity and a weighted average life below 60 days and 120 days, respectively, consistent with Fitch's 'AAAmmf' criteria.

Liquidity Profile

The fund seeks to maintain sufficient levels of daily and weekly liquidity to meet investors' redemption requests. Specifically, the pool invests at least 10% of total assets in securities offering daily liquidity and at least 30% of total assets in securities providing weekly liquidity. As of the review date, the fund met the liquidity requirements mandated by Rule 2a-7 and were in line with the liquidity guidelines outlined in Fitch's 'AAAmmf' rating criteria.

Fund Objective

The fund seeks to maximize current income, to the extent consistent with the preservation of capital and the maintenance of liquidity, by investing exclusively in high quality money market instruments. The fund is a government MMF managed in accordance with Rule 2a-7 under the Investment Company Act of 1940, as amended. The fund seeks to maintain a stable net asset value of $1.00.

Surveillance

Fitch receives bi-weekly fund portfolio holdings information including credit quality, market value and duration of the individual securities to conduct surveillance against the Money Market Fund Rating criteria. For additional information about Fitch's 'Money Market Fund Ratings criteria', please review the criteria referenced below, which can be found on Fitch's website at www.fitchratings.com.

INVESTMENT MANAGER

BNY Mellon Investment Adviser, Inc. serves as the funds' investment advisor. BNY Mellon Investment Adviser, Inc. is a wholly owned subsidiary of The Bank of New York Mellon Corporation (AA-/F1+/Stable). As of Sep. 30, 2021, BNY Mellon Investment Management has $2.3 trillion in assets under management.

Fitch views the investment advisor's capabilities, resource commitments, operational controls, corporate governance and compliance procedures as consistent with the rating assigned to the fund.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to a positive rating action/upgrade:

There is no potential for an upgrade of the 'AAAmmf' rating assigned to the fund as this is the highest achievable rating based on the applicable criteria.

Factors that could, individually or collectively, lead to a negative rating action/downgrade:

A material and sustained breach of any of Fitch's criteria measures at the 'AAAmmf' level would result in the rating being lowered. In the event of a downgrade of the U.S. sovereign rating, Fitch would assess whether this had material impacts on the fund's asset liquidity and/or ability to meet redemptions, either of which could adversely impact Fitch's rating analysis.

SOURCES OF INFORMATION

The sources of information used to assess this rating were the public domain and the investment manager.

RATING ACTIONS

Entity / Debt

Rating

Dreyfus Institutional Preferred Government Plus Money Market Fund

MMF

AAAmmf

New Rating

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VIEW ADDITIONAL RATING DETAILS

Additional information is available on www.fitchratings.com

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