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TEXT-S&P assigns 'AAAm' fund rating to MEAG Lakeside Re III
December 7, 2012 / 5:56 PM / 5 years ago

TEXT-S&P assigns 'AAAm' fund rating to MEAG Lakeside Re III

Dec 7 - Standard & Poor's Ratings Services said today that it assigned its
principal stability fund rating of 'AAAm' to MEAG Lakeside Re III (the fund).
The fund has been created as a "Spezialfonds" (Special Fund) under German
investment law as a vehicle dedicated exclusively to a single institutional

The 'AAAm' rating reflects our view that the fund has an extremely strong 
capacity to maintain principal stability and to limit exposure to principal 
losses due to credit risk.

Based on our current understanding of the implementation of the investment 
policy and the asset managers' strategy, the fund should, in our view, 
maintain strong credit quality standards by investing exclusively in 
securities and counterparties rated at least 'A-1' by Standard & Poor's, or 
which we deem to be of equivalent credit quality. We understand that the fund 
will only invest in short-dated U.S. Treasury bills. We also understand that, 
consistent with our criteria, the asset manager is currently intending to 
maintain a weighted average maturity of 60 days or less to enhance the 
portfolios' liquidity and diminish sensitivity to changing interest rates. 

The fund management company MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH 
(not rated) is a subsidiary of Munich Reinsurance Co. (AA-/Stable/--) and ERGO 
Versicherungsgruppe AG (A/Stable/--). With approximately EUR226 billion in 
assets under management as of June 30, 2012, MEAG is one of Europe's leading 
asset managers.

CACEIS Bank Deutschland GmbH, a wholly owned subsidiary of French bank CACEIS 
(A/Negative/A-1), provides custody services to the fund. 

We intend to review pertinent fund information and portfolio reports, which 
are to be supplied to us on a weekly basis as part of our surveillance 

A Standard & Poor's principal stability fund rating, also known as a money 
market fund rating, is a forward-looking opinion about a fixed income fund's 
capacity to maintain stable principal (net asset value). When assigning a 
principal stability rating to a fund, Standard & Poor's analysis focuses 
primarily on the creditworthiness of the fund's investments and 
counterparties, and also its investments' maturity structure and management's 
ability and policies to maintain the fund's stable net asset value (NAV). 
Principal stability fund ratings are assigned to funds that seek to maintain a 
stable or an accumulating NAV. 

     -- Methodology: Principal Stability Fund Ratings, June 8, 2011 
     -- Standard & Poor's Ratings Definitions, June 22, 2012

Complete ratings information is available to subscribers of RatingsDirect on 
the Global Credit Portal at All ratings affected 
by this rating action can be found on Standard & Poor's public Web site at Use the Ratings search box located in the left 

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