Fitch Ratings has assigned an 'AAAmmf' rating to the
The fund is a Rule 2a-7 registered government money market fund (MMF) managed by
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
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
The Negative Rating Outlook assigned to
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
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
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
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
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
MMF
AAAmmf
New Rating
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VIEW ADDITIONAL RATING DETAILS
Additional information is available on www.fitchratings.com
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