Kroll (KBRA) Rates Five LGIPs AAA
Kroll Bond Rating Agency issued AAAkf ratings to the Florida Education Investment Trust Fund FEITF Term Portfolio, the Michigan Liquid Asset Fund Plus Michigan Term Portfolio, the Missouri Securities Investment Program MOSIP Term Series, the TexasTERM Local Government Investment Pool TexasTERM Portfolio, and the Minnesota School District Liquid Asset Fund Plus MSDLAF+ Term Portfolio. The first release says, "Kroll Bond Rating Agency (KBRA) has assigned a Fund Rating of AAAkf to the Florida Education Investment Trust Fund FEITF Term Portfolio. The rating reflects the Portfolio's Primary Quantitative Rating (PQR) as measured by the KBRA Funds Credit Quality Rating Matrix, which is based on the credit quality of the underlying instruments that comprise the portfolio. Additionally, the fund rating is influenced by the results of the qualitative assessment of the investment advisor, PFM Asset Management LLC (PFMAM). The qualitative shadow rating (QSR) for the fund was found to be strong." Another release explains, "The Michigan Liquid Asset Fund Plus ("MILAF+" or "the Trust") was created in May 1987. MILAF+ is a trust organized under the laws of the State of Michigan. The original sponsor of the Trust is the Michigan Association of School Boards. The Trust is designed to be a comprehensive cash management program for Michigan public agencies to seek the highest possible yield while maintaining liquidity and preserving capital. MILAF+ is classified as a Local Government Investment Pool (LGIP)."
