(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 rationale.
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.