Fitch Ratings has affirmed the following money market funds (MMFs) managed by
DWS Deutsche Global Liquidity Series p.l.c. -
DWS Deutsche Global Liquidity Series p.l.c. -
DWS Deutsche Global Liquidity Series p.l.c. -
KEY RATING DRIVERS
The affirmation of the MMF ratings are driven by the funds' high credit quality and diversification, high levels of daily and weekly liquid assets, and low exposure to interest-rate and spread risks. The ratings also reflect the capabilities and resources of
CREDIT RISK
The funds' Portfolio Credit Factor, a risk-weighted measure that considers the credit quality and maturity profile of the portfolio securities, met Fitch's 'AAAmmf' rating criterion of 1.5 or less throughout the review period.
LIQUIDITY RISK
The funds had at least 10% of total assets in securities offering daily liquidity and at least 30% of total assets in securities providing weekly liquidity consistent with the 'AAAmmf' rating range throughout the review period, save for a limited number of minor and temporary breaches for the sterling fund.
MARKET RISK
The funds' weighted average maturity and weighted average life were below 60 days and 120 days (the 'AAAmmf' rating range), respectively, throughout the review period.
FUND PROFILE
Fitch considers the legal and regulatory framework of the funds satisfactory. The
The funds' investment objectives are to remain liquid and seek a high level of current income, while preserving capital.
INVESTMENT MANAGER
The funds are managed by
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade:
The ratings are at the highest on Fitch's scale and therefore cannot be upgraded.
Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade:
Fitch's stress-testing shows that the ratings are robust at their current levels. The ratings may be sensitive to material adverse changes in the credit quality, market risk or liquidity profile of the funds. A material adverse and sustained deviation from Fitch's guidelines for any key rating drivers could cause the ratings to be downgraded. For example, material negative credit developments (downgrades) in underlying portfolio holdings, or material unexpected redemptions could negatively affect the funds' risk profiles, potentially leading to downgrades.
RATING ACTIONS
Entity / Debt
Rating
Prior
DWS Deutsche Global Liquidity Series p.l.c -
MMF
AAAmmf
Affirmed
AAAmmf
DWS Deutsche Global Liquidity Series p.l.c -
MMF
AAAmmf
Affirmed
AAAmmf
DWS Deutsche Global Liquidity Series p.l.c -
MMF
AAAmmf
Affirmed
AAAmmf
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VIEW ADDITIONAL RATING DETAILS
Additional information is available on www.fitchratings.com
PARTICIPATION STATUS
The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer's available public disclosure.
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