[2] S&P Rates Provident Institutional Funds FedFund AAAm.NEW YORK--(BUSINESS WIRE)--Nov. 9, 1999-- Standard & Poor's today assigned its triple-'Am' money market fund rating to the Provident prov·i·dent adj. 1. Providing for future needs or events. 2. Frugal; economical. [Middle English, from Latin pr Institutional Funds FedFund. The rating is based on Standard & Poor's analysis of the fund's credit quality, market price exposure, and management. The rating signifies excellent safety of invested principal and a superior capacity to maintain a $1.00 per share net asset value at all times. Money market funds are rated on a seven-category scale from triple-'Am' to triple-'Cm'. Standard & Poor's reviews portfolio composition reports for all rated money funds on a weekly basis. These reports provide current information on the holdings of a fund, weighted average portfolio maturities, net asset values, and investor subscriptions and redemptions. The investment adviser for FedFund is BlackRock Institutional Management Corp., Wilmington, Del., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of BlackRock Inc., which in turn is a majority-owned indirect subsidiary of PNC PNC Purdue University North Central (Westville, Indiana) PnC Point 'n Click PNC Police National Computer PNC People's National Congress (Guyana) PNC People's National Congress Bank. BlackRock and its affiliates have over $148 billion under management, including over $50 billion in short-term fixed-income securities Fixed-income securities Investments that have specific interest rates, such as bonds. . FedFund seeks current income with liquidity and stability of principal. The fund strives to maintain a share value of $1.00. The fund manager typically invests in U.S. Treasuries U.S. Treasury Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S. and Agencies, and repurchase agreements Repurchase agreement An agreement with a commitment by the seller (dealer) to buy a security back from the purchaser (customer) at a specified price at a designated future date. . The overall credit of the fund is excellent as the fund manager aims to hold at least 50% of the fund's assets in securities rated 'A-1'-plus by Standard & Poor's with the remainder of the portfolio rated 'A-1'. Triple-'Am' criteria calls for a maximum weighted average portfolio maturity of 60 days, Standard & Poor's said. -- CreditWire |
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