Fitch Ratings has affirmed two money market funds (MMF) managed by
KEY RATING DRIVERS
The affirmation of the MMF Ratings is 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 (PCF), which is 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.
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 funds are sub funds of the umbrella funds,
The funds' respective investment objectives are to maximise current income consistent with the preservation of principal and liquidity by investing in a diversified portfolio of high-quality sterling-denominated short-term debt and debt-related instruments, and to achieve current income while maintaining stability of principal and liquidity.
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 level 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 guidelines for any key rating drivers could cause the ratings to be downgraded.
RATING ACTIONS
Entity / Debt
Rating
Prior
MMF
AAAmmf
Affirmed
AAAmmf
MMF
AAAmmf
Affirmed
AAAmmf
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