Fitch Gives AAA to State Street MMFs
A press release titled, "Fitch Assigns 'AAAmmf' Ratings to Three State Street Money Market Funds" tells us, "Fitch Ratings has assigned 'AAAmmf' ratings to the State Street Federal Treasury Money Market Fund Advantage Class, State Street Federal Treasury Plus Money Market Fund Advantage Class and State Street Federal Government Money Market Fund Advantage Class. The funds are each part of a master-feeder structure in which they invest substantially all of their investable assets in corresponding master portfolios. The respective master portfolios are the State Street Treasury Money Market Portfolio, State Street Treasury Plus Money Market Portfolio and State Street U.S. Government Money Market Portfolio, each rated 'AAAmmf' by Fitch." It explains, "The funds are government and treasury money market funds, seek to maintain stable prices of $1.00 per share and are expected to comply with Rule 2a-7. SSGA Funds Management, Inc. acts as the investment adviser for these funds. The funds are expected to launch on Jan. 6, 2025. Fitch reviewed the funds' prospectus and investment guidelines and master portfolios' holdings as of October 2024 to complete its rating analysis." Fitch adds, "The 'AAAmmf' ratings reflect Fitch's review of the funds' investment guidelines, credit quality and diversification, duration guidelines, and liquidity profile, as well as the capabilities of SSGA Funds Management, Inc. to manage the assets of the funds. The 'AAAmmf' ratings assigned to the funds indicate an extremely strong capacity to achieve the investment objectives of preserving principal and providing liquidity through limiting credit, market and liquidity risk.... The funds seek to invest exclusively in a diversified portfolio of U.S. Treasury and government money market instruments, and may also hold cash. The State Street Federal Treasury Plus Money Market Fund and State Street Federal Government Money Market Fund both expect to utilize repurchase agreements.... The funds are managed by SSGA Funds Management, Inc., a wholly owned subsidiary of State Street Global Advisors, Inc., which itself is a wholly-owned subsidiary of State Street Corporation."
