TEXT - Fitch affirms State Street Global Advisors

Wed Jan 23, 2013 11:04am EST

Jan 23 -  Fitch Ratings has affirmed the following 
Ireland-domiciled money market funds managed by State Street Global Advisors 
(SSgA) at 'AAAmmf': 

State Street Global Advisors Liquidity PLC - SSgA EUR Liquidity Fund 
State Street Global Advisors Liquidity PLC - SSgA GBP Liquidity Fund 
State Street Global Advisors Liquidity PLC - SSgA USD Liquidity Fund 

KEY RATING DRIVERS:

The main drivers for the rating affirmations are:

-- The portfolios' overall strong credit quality and diversification, 

-- Short maturity profile,

-- Minimal exposure to interest rate and spread risks,

-- High levels of overnight and one-week liquidity, and,

-- The capabilities and resources of SSGA as investment advisor. 

The money market funds' 'AAAmmf' ratings reflect the funds' extremely strong 
capacity to achieve their investment objectives of preserving principal and 
providing shareholder liquidity through limiting credit, market and liquidity 
risk. 

FUND CREDIT QUALITY/DIVERSIFICATION

Consistent with Fitch's 'AAAmmf' rating criteria, the funds seek to maintain a 
high credit quality by investing exclusively in securities rated at least 
'A'/'F1' or equivalent and by entering into repurchase agreements with 
counterparties rated at least 'A'/'F1' with appropriate collateral and margining
policies. The funds limit their exposure to individual obligors and 
counterparties rated 'F1+' or equivalent to a maximum of 10%, and issuers rated 
'F1' or equivalent to a maximum of 5%.

As of 2 January 2013, each fund's Portfolio Credit Factor (PCF) was consistent 
with Fitch's 'AAAmmf' rating criterion of 1.50 or less. The PCF is a 
risk-weighted measure of the funds' assets that accounts for the credit quality 
and maturity profile of the funds' securities. 

MATURITY PROFILE

The funds seek to limit interest rate and spread risk consistent with Fitch's 
ratings criteria for funds rated 'AAAmmf'. Each fund limits its weighted average
maturity (WAM) and weighted average Life (WAL) to 60 days and 120 days, 
respectively. As of 2 January 2013 the funds WAM and WAL was in line with 
Fitch's guidelines.

LIQUIDITY PROFILE

The funds' additional investment restrictions are aimed at maintaining 
sufficient levels of daily and weekly liquidity to meet investors' redemption 
requests. In line with Fitch's rating criteria applicable to money market funds 
globally, the funds invest at least 10% of total assets in securities maturing 
overnight or other qualifying assets such as government securities and at least 
25% of total assets in securities maturing within seven days or other qualified 
assets. As of 2 January 2013 the funds overnight and weekly liquidity levels 
were in line with Fitch's guidelines.

FUND OBJECTIVES

The funds seek to maintain a high level of liquidity, preserve capital and 
stability of principal expressed in the fund's functional currency and, 
consistent with those objectives, earn current income and aims to provide a 
return in line with money market rates. The funds pursue their investment 
objectives by investing in diversified portfolios of short-term money market 
instruments including repurchase agreements backed by highly rated government 
collateral, time deposits, commercial paper (including asset-backed), 
certificates of deposit, corporate bonds and notes and government and government
agency debt.

As of 2 January 2013 the funds had EUR5.7bn, GBP2.5bn and USD16.2bn in assets 
under management respectively.

INVESTMENT ADVISOR

SSgA, the funds' investment advisor, is a wholly owned subsidiary of State 
Street Corporation ('A+'/Stable/'F1+'). State Street Corporation is a global 
institution that engages in a wide range of financial services, including asset 
servicing, asset management, research, and trading. The credit research and 
investment teams have been broadly stable. Fitch views State Street Corporation 
and SSgA's investment advisory capabilities, financial and resource commitments,
operational controls, corporate governance, and compliance procedures as 
consistent with the 'AAAmmf' ratings assigned to these funds. 

RATING SENSITIVITY AND SURVEILLANCE

The ratings may be sensitive to material changes in the credit quality or market
risk profiles of the fund. A material and sustained adverse deviation from Fitch
guidelines for any key rating driver could cause the ratings to be lowered by 
Fitch. Material changes to the funds maturity profile and/or credit profile that
resulted in a PCF exceeding 1.5 for a prolonged period will ultimately have 
negative rating implication. Furthermore, given the funds' primary investment 
focus on the financial sector, the ratings may be sensitive to material adverse 
changes in the sector globally. 

Fitch receives weekly fund holdings information and other pertinent fund data 
from the funds' administrator to conduct surveillance against ratings guidelines
and maintain its money market fund ratings.
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