S&P rates new fund HSBC Euro Government Liquidity Fund 'AAAm' says a press release from the ratings agency. It states, "Standard & Poor's Ratings Services said today that it assigned its highest principal stability fund rating of 'AAAm' to HSBC Euro Government Liquidity Fund, a money market subfund of the Irish-domiciled umbrella fund, HSBC Global Liquidity Funds PLC. The assigning of this rating coincides with the launch of the subfund today. The rating is based on Standard & Poor's analysis of the subfund's credit quality, liquidity, market price exposure, and management. HSBC Global Asset Management (UK) Ltd., promoter of the HSBC Euro Government Liquidity Fund, has established this very conservative vehicle to further enhance its offshore money market fund range with a Euro-denominated government money market fund. According to its prospectus, the new subfund aims to provide investors, in particular institutional and professional clients, with security of capital and daily liquidity together with an investment return comparable to normal short-dated Euro denominated government returns. The assigned "AAAm" rating reflects our view of the subfund's extremely strong capacity to maintain principal stability and limit exposure to principal losses due to credit risk. The subfund is managed by an experienced team of investment professionals at Paris-based HSBC Global Asset Management (France)." Crane Data will add the new fund to its Money Fund Intelligence International, which tracks "offshore" money funds (which are not available to U.S. investors) once the fund begins reporting a 7-day yield. HSBC is the fifth largest manager of "offshore" money market funds with over $44 billion in USD, Euro and Sterling assets according to MFII.

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