Fitch Affirms GSAM MMFs, Withdraws RBS MMF Ratings on Merger

Mon Apr 14, 2014 12:54pm EDT

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(The following statement was released by the rating agency) LONDON, April 14 (Fitch) Fitch Ratings has affirmed three money market funds (MMFs) managed by Goldman Sachs Asset Management Ltd (GSAM) and simultaneously withdrawn the ratings assigned to three MMFs managed by RBS Asset Management Limited (RBS). The funds and rating actions are as follows: Funds managed by GSAM: Goldman Sachs EUR Liquid Reserves Fund: affirmed at 'AAAmmf' Goldman Sachs GBP Liquid Reserves Fund: affirmed at 'AAAmmf' Goldman Sachs USD Liquid Reserves Fund: affirmed at 'AAAmmf' Funds managed by RBS: Global Treasury Funds plc - US Dollar Fund: 'AAAmmf' withdrawn Global Treasury Funds plc - Euro Fund: 'AAAmmf' withdrawn Global Treasury Funds plc - Sterling Fund: 'AAAmmf' withdrawn KEY RATING DRIVERS: The ratings of the three MMFs managed by RBS have been withdrawn as they are being merged with the three GSAM funds on 14 April 2014. The RBS funds will cease to exist after the merger. Fitch will no longer provide analytical coverage for these funds. The main drivers of the affirmations of the GSAM funds 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 -- The capabilities and resources of GSAM as investment advisor The portfolios of the RBS and GSAM funds were highly comparable in terms of issuer exposure and other portfolio characteristics as of the date of the merger. The 'AAAmmf' MMF ratings reflect the funds' extremely strong capacity to achieve the investment objectives of preserving principal and providing shareholder liquidity through limiting credit, market and liquidity risk. RATING SENSITIVITIES The ratings may be sensitive to material changes in the funds' credit quality or market risk profiles. A material adverse deviation from Fitch guidelines for any key rating driver could cause the ratings to be downgraded by Fitch. For additional information about Fitch's MMF ratings guidelines, please review the criteria referenced below. SURVEILLANCE Fitch receives weekly fund and portfolio holdings information from the funds' administrator - Bank of New York Mellon (Ireland) Limited - to conduct surveillance against ratings guidelines and maintain its money market fund ratings. Up-to-date surveillance and analytical information on these funds is available at www.fitchratings.com > Surveillance > Funds. Contact: Primary Analyst Alastair Sewell Senior Director +44 20 3530 1147 Fitch Ratings Limited 30 North Colonnade London, E14 5GN Secondary Analyst Richard Woodrow, CFA Associate Director +44 20 3530 1388 Committee Chairperson Davie Rodriguez, CFA Senior Director +1 212 908 0386 Media Relations: Hannah Huntly, London, Tel: +44 20 3530 1153, Email: hannah.huntly@fitchratings.com. Additional information is available at www.fitchratings.com. Applicable criteria, 'Global Money Market Fund Rating Criteria', dated 13 January 2014, is available at www.fitchratings.com. Applicable Criteria and Related Research: Global Money Market Fund Rating Criteria here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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