A press release entitled, "Moody's assigns Aaa-mf ratings to Four New UBS Government Money Market Funds," says, "Moody's Investors Service has assigned Aaa-mf ratings to the Master Trust - Government Master Fund and three of its feeder funds: UBS Select Government Preferred Fund, UBS Select Government Institutional Fund, and UBS Select Government Investor Fund. These are new funds managed by UBS Asset Management (Americas) Inc. The ratings reflect Moody's view that the funds will have a very strong ability to meet the dual objectives of providing liquidity and preserving capital. This view is supported by the funds' high scores across all key rating factors, which include (i) credit quality, (ii) asset profile, (iii) liquidity and (iv) market risk exposure. We expect the investments held in the funds' portfolios will be of high credit quality, as evidenced by the model portfolios average weighted credit quality of Aaa. The portfolio will be comprised only of securities issued or guaranteed by the United States, including US Treasury securities and US Government agencies or repurchase agreements fully collateralized by United States obligations. The rating benefits from the funds' short weighted average maturity and low asset concentration, each of which results in a score of '1' for our assessment of the fund's asset profile under Moody's Revised Money Market Fund Rating Methodology.... While the funds' shareholder bases are likely to exhibit some lumpiness as the funds ramp up, our expectation is that the funds will maintain strong liquidity profiles supported by high levels of overnight and near-term liquidity, based on the nature of the investments and management's risk management protocol.... We expect the funds' sensitivity to market risk to remain low due to the high quality of the Master fund's investment portfolio." (The new UBS Select Government Funds hasn't gone live yet, but will be added to Crane Data's collections as soon as it does.) Also, PIMCO posted a video, "Understanding Money Market Fund Reform: A Conversation with Jerome Schneider and Paul Reisz."
