(Repeat for additional subscribers)
July 1 (The following statement was released by the rating agency)
Fitch Ratings is introducing monthly money market funds
(MMF) factsheet reports to provide investors with fund-specific portfolio
information, covering each fund's current and historical credit, liquidity and
market risk attributes.
Link to factsheets home page:
The factsheets on each Fitch-rated fund are published monthly to inform
investors of MMFs' current profiles and relevant risk factors' evolution through
a consistent analytical spectrum. Fitch applies a homogeneous methodology across
funds to classifications, issuers, credit quality, instruments types and
indicator calculation. Underlying portfolio data is based on portfolio holding
reports received from fund administrators and managers as part of the agency's
process for rating money market funds.
Analytical metrics available in Fitch's MMF factsheets include
-- Indicators of portfolio's credit quality as measured by its allocation to
credit rating categories
-- Portfolio liquidity and maturity ladder through available daily or weekly
liquidity and allocation to relevant maturity buckets
-- Fund's sensitivity to interest rate and spread risks as measured by the
weighted-average maturity (WAM) and weighted-average life (WAL), respectively
-- Portfolio composition by asset type
-- Evolution of the fund's total net assets and net yield
The factsheets also provide information on the fund manager, and Fitch's rating
In addition, Fitch publishes every month the Money Market Fund Snapshot, a
comparative analysis of funds' metrics.
Fitch's MMF factsheets are available free of charge on Fitch's web site directly
through the link provided above or through www.fitchratings.com >> Ratings and
Research >> Financial Institutions >> Fund & Asset Manager Ratings >> Money
Market Surveillance box on the right hand side column.
The factsheets can also be accessed through Fitch's Corporate Treasury and Cash
Management page, which provides research and commentary on a range of topics
relevant to cash managers, available at fitchratings.com/corporatetreasury.