Fitch Ratings has affirmed the following money market funds (MMFs) managed by UBS Asset Management Switzerland AG and UBS Asset Management (Americas) Inc., at 'AAAmmf'.
UBS (Irl) Select Money Market Fund EUR Sustainable
UBS (Irl) Select Money Market Fund GBP Sustainable
UBS (Irl) Select Money Market Fund USD Sustainable
UBS (Irl) Select Money Market Fund - US Treasury
UBS (CH) Select Money Market Fund - USD
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 UBS Asset Management Switzerland AG and UBS Asset Management (Americas) Inc. as investment managers.
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 PROFILES
Fitch considers the legal and regulatory framework of the funds satisfactory.
Fitch considers the legal and regulatory framework of the funds satisfactory. UBS (Irl) Select Money Market Fund EUR Sustainable, UBS (Irl) Select Money Market Fund GBP Sustainable, UBS (Irl) Select Money Market Fund USD Sustainable, UBS (Irl) Select Money Market Fund - US Treasury are sub funds of the umbrella fund, UBS (IRL) FUND PLC, which is an open-ended variable capital investment company, that falls under the UCITS directive and is domiciled in Ireland. The funds are authorised and supervised by the Central Bank of Ireland. UBS (Irl) Select Money Market Fund EUR Sustainable, UBS (Irl) Select Money Market Fund GBP Sustainable, UBS (Irl) Select Money Market Fund USD Sustainable are Low Volatility Net Asset Value MMFs and UBS (Irl) Select Money Market Fund - US Treasury is a Public Debt Constant Net Asset Value money market fund as defined in Regulation (EU) 2017/1131.
The funds UBS (CH) Select Money Market Fund - USD is a sub fund of the umbrella fund, UBS (CH) Select Money Market Fund, which is Swiss umbrella fund in contractual form belonging to the 'Other funds for traditional investments' category in accordance with the Swiss Federal Act on Collective Investment Schemes of 23 June 2006 and is domiciled in Switzerland. The fund is authorised and supervised by Swiss Financial Market Supervisory Authority (FINMA) as a short-term money market fund as defined in the Asset Management Association Switzerland's (formally known as Swiss Funds & Asset Management Association) guidelines for MMFs.
The UBS (Irl) Select Money Market Fund EUR Sustainable, UBS (Irl) Select Money Market Fund GBP Sustainable, UBS (Irl) Select Money Market Fund USD Sustainable and UBS (Irl) Select Money Market Fund - US Treasury's investment objectives are to earn maximum current income in their respective currency consistent with liquidity and the preservation of capital.
The UBS (CH) Select Money Market Fund - USD's investment objective is principally to generate a performance consistent with the development of the prevailing market indices for money market instruments denominated in US dollars.
INVESTMENT MANAGER
The funds are managed by UBS Asset Management Switzerland AG and UBS Asset Management (Americas) Inc., subsidiaries of UBS Asset Management AG the asset management business line of UBS Group AG (A+/Stable /F1). UBS Asset Management AG had USD1,154 billion assets under management as of 31 March 2022, including USD 85 billion managed in liquidity strategies. Fitch considers UBS Asset Management Switzerland AG and UBS Asset Management (Americas) Inc. as suitably qualified, competent and capable of managing the rated funds.
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:
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 unexpected redemptions could negatively affect the funds' risk profiles, potentially leading to downgrades. These risks are mitigated by the investment manager's sound record, knowledge of the funds' investor base and high liquidity in the funds.
RATING ACTIONS
Entity / Debt
Rating
Prior
UBS (Irl) Select Money Market Fund - EUR Sustainable
MMF
AAAmmf
Affirmed
AAAmmf
UBS (IRL) Select Money Market Fund - US Treasury
MMF
AAAmmf
Affirmed
AAAmmf
UBS (Irl) Select Money Market Fund - USD Sustainable
MMF
AAAmmf
Affirmed
AAAmmf
UBS (CH) Select Money Market Fund - USD
MMF
AAAmmf
Affirmed
AAAmmf
UBS (Irl) Select Money Market Fund - GBP Sustainable
MMF
AAAmmf
Affirmed
AAAmmf
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VIEW ADDITIONAL RATING DETAILS
Additional information is available on www.fitchratings.com
UBS GROUP AG 
