Fitch Ratings published two press releases announcing AAA ratings on two Texas LGIPs, or local government investment pools. The first, "Fitch Rates TexasTERM Local Government Investment Pool - TexasDAILY Portfolio 'AAAmmf'," tells us, "Fitch Ratings has assigned an 'AAAmmf' money market fund (MMF) rating to the TexasTERM Local Government Investment Pool - TexasDAILY Portfolio (TexasDAILY). The local government investment pool was established pursuant to the TexasTERM Common Investment Contract under Chapters 791 and 2256 of the Texas Government Code for the benefit of Texas local governments. The pool is governed by a board of trustees of representatives of those units of local government who are participants. On Sept. 7, 2021, the TexasTERM Local Government Investment Pool will rebranded as the Texas Range Investment Program. PFM Asset Management LLC (PFMAM) serves as the pool's investment adviser and administrator. TexasDAILY was established to invest excess funds of its participants in various high-quality investments, in accordance with the Common Investment Contract. TexasDAILY seeks to maintain a stable NAV of $1.00. The pool was first established on Sept. 18, 2000. Fitch used a July 30, 2021 portfolio to complete the analysis for the assigned rating." It adds, "The pool invests primarily in direct obligations of the U.S. government and its agencies, repurchase agreements backed by U.S. government and agency obligations, FDIC-insured certificates of deposit (CDARs) and supranational securities. Based on the portfolio, Fitch calculated TexasDAILY's Portfolio Credit Factor (PCF) to be 0.02, which is consistent with Fitch's 'AAAmmf' criteria of 1.50 or less. TexasDAILY is one of three portfolio's offered by the TexasTERM pool to provide local government entities access to investment vehicles focused on the safety and preservation of principal, liquidity and commensurate investment income." The second release, "Fitch Rates TexasTERM Local Government Investment Pool - TexasDAILY Select 'AAAmmf'," explains, "Fitch Ratings has assigned a 'AAAmmf' money market fund (MMF) rating to the TexasTERM Local Government Investment Pool- TexasDAILY Select (TexasDAILY Select). The local government investment portfolio will be offered pursuant to the TexasTERM Common Investment Contract under Chapters 791 and 2256 of the Texas Government Code for the benefit of Texan local governments and is governed by a board of trustees of representatives of those units of local government who are participants. At the time of TexasDAILY Select's launch the TexasTERM Local Government Investment Pool will rebrand to be known as the Texas Range Investment Program. PFM Asset Management LLC (PFMAM) will serve as the pool's investment adviser and administrator. TexasDAILY Select will be established to invest excess funds of its participants in various high-quality investments, in accordance with the Common Investment Contract. TexasDAILY Select will seek to maintain a stable NAV of $1.00. The fund is expected to be launched on Sept. 7, 2021, at which time the rebranding from TexasTERM to Texas Range will also occur. Fitch used a representative portfolio to complete the analysis for the assigned rating."

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