Moody's Affirms Federated GOF AAA
A press release entitled, "Moody's Affirms Aaa-mf Rating of Federated Government Obligations Fund Following Fund Merger" tells us, "Moody's Investors Service, ("Moody's") has affirmed the Aaa-mf rating of the Federated Government Obligations Fund following its merger with the PNC Government Money Market Fund.... Federated Investors, Inc. recently acquired certain components of the PNC Capital Advisors LLC (PCA) investment management business and as a result the PNC Government Money Market Fund (PKIXX) was consolidated within the Federated Government Obligations Fund (GOIXX). The rating affirmation of the Federated Government Obligations Fund reflects Moody's expectation that the consolidated fund will continue to maintain its investment strategy and strong ability to meet the dual objectives of providing liquidity and preserving capital. The Aaa-mf rating is also supported by the funds' high scores across all key rating considerations, which include credit quality, asset profile, liquidity and market risk exposure, prior to and after the closing of the merger. The principal methodology used in this rating/analysis was Money Market Funds published in January 2019. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology." Another release, "Moody's withdraws rating of PNC Government Money Market Fund," adds, "Moody's Investors Service, ("Moody's") has withdrawn the rating of the PNC Government Money Market Fund - Class I, previously rated Aaa-mf." It tells us, "Moody's has withdrawn the rating as a result of the acquisition of the fund by Federated Investors Inc. from The PNC Financial Services Group. The fund merged with Federated Government Obligations Fund (GOIXX). Please refer to the Moody's Investors Service Policy for Withdrawal of Credit Ratings, available on its website, www.moodys.com." See also our Nov. 20 News, "Federated Completes $11.3B Acquisition of PNC's Money Market Funds."
