Fitch Rates SSgA Money Funds
Fitch Ratings announced triple-A ratings on several SSgA Money Funds. The releases, entitled, "Fitch Rates SSgA's Money Market Fund & Prime Money Market Fund 'AAAmmf'," "Fitch Rates SSgA's U.S. Government & U.S. Treasury Money Market Funds 'AAAmmf'," "Fitch Rates 3 State Street Institutional Investment Trust's U.S. Treasury & Government MMFs 'AAAmmf'," and "Fitch Rates State Street Institutional Liquid Reserve Fund 'AAAmmf'." The first release says, "The assigned ratings reflect the funds' extremely strong capacity to achieve their investment objective of preserving capital and providing shareholder liquidity through limiting credit, market and liquidity risks. The main drivers of the rating assignments are the credit quality, diversification, maturity profile and liquidity of the fund portfolios and the capabilities and resources of SSgA FM as investment advisor. Collectively, the funds had assets under management of $20.1 billion as of April 21, 2011.... The SSgA Money Market Fund and the SSgA Prime Money Market Fund attempt to meet their investment objective by investing in a broad range of money market instruments, including certificates of deposit, bank notes and other bank instruments, commercial paper, repurchase agreements, asset backed securities, corporate obligations, instruments issued or guaranteed by the U.S. government, its agencies and sponsored entities. These instruments may bear fixed, variable or floating rates of interest or may be zero coupon securities."
