Fitch Rates Western Asset Institutional Liquid Reserves 'AAAmmf' says the company's press release. The Dec. 22 statement explains, "Fitch Ratings has today assigned a 'AAAmmf' rating to Western Asset Institutional Liquid Reserves, a U.S.-registered prime money market fund governed by Rule 2a-7 of the Investment Company Act of 1940, as amended, and managed by Legg Mason Partners Fund Advisor, LLC (LMPFA). Western Asset Management (Western Asset) is the fund's subadviser and provides day-to-day portfolio management. Both LMPFA and Western Asset are wholly owned subsidiaries of Legg Mason, Inc. (NYSE: LM).... The main drivers for the rating assignment are: -- the fund's overall credit quality and diversification; -- short maturity profile; -- minimal exposure to interest rate and spread risks; -- overnight and one-week liquidity profile; -- the capabilities and resources of LM and Western Asset as investment subadvisor. The 'AAAmmf' money market fund rating reflects the fund's extremely strong capacities to achieve the investment objectives of preserving principal and providing shareholder liquidity through limiting credit, market and liquidity risk." See also, "Fitch Rates Western Asset Institutional Liquid Reserves, Ltd. 'AAAmmf'."

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