Fitch Affirms 3 Dreyfus Institutional Reserves Funds at 'AAA/V1+'.
NEW YORK New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings
An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. affirms the following ratings assigned to three money market funds managed by the Dreyfus Corporation:
--Dreyfus Institutional Reserves Treasury Prime Fund at 'AAA/V1+';
--Dreyfus Institutional Reserves Treasury Fund at 'AAA/V1+';
--Dreyfus Institutional Reserves Money Fund at 'AAA/V1+'.
The affirmations are a result of Fitch's annual review of the funds and are based on the high credit quality of the funds' assets and the capabilities of The Dreyfus Corporation (Dreyfus) as investment advisor Investment Advisor
1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission.
2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and . While all three funds pursue similar investment objectives of providing as high a level of current income as is consistent with the preservation of capital Preservation of Capital
An investment strategy whose primary goal is to prevent the loss of an investment's total value.
For investors using the capital preservation strategy to achieve their goal, they must ensure their portfolio is producing a return that is at and maintenance of liquidity, underlying asset types vary by fund.
The Dreyfus Institutional Reserves Treasury Prime Fund invests exclusively in U.S. Treasury securities U.S. Treasury securities
Interest-bearing obligations if the U.S. government issued by the U.S. Department of the Treasury as a means of borrowing money to meet government expenditures not covered by tax revenues. . As of Jan. 6, 2008, 100% of the fund's assets were invested in U.S. Treasury bills. As of the same date, the fund had weighted-average maturity of 52 days and held approximately $1.4 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. .
The Dreyfus Institutional Reserves Treasury Fund invests in U.S. Treasury securities and repurchase agreements overcollateralized by such securities in the amount of 102%. In order to minimize counterparty risk the fund enters into repurchase agreements with counterparties rated at least 'A/F1' by Fitch or of a comparable credit quality rated by other global rating agencies. As of Jan. 6, 2008, 49% of the fund's total assets were invested in repurchase agreements and 51% were invested in direct obligations of the U.S. Treasury. As of the same date, the fund had weighted-average maturity of 45 days and held approximately $3.2 billion in assets under management.
The Dreyfus Institutional Reserves Money Fund invests in secured and unsecured commercial paper, certificates of deposit, overnight time deposits, and floating rate notes issued by financial and non-financial corporations rated at least 'A/F1' by Fitch or of a comparable credit quality by other global rating agencies. The fund invests in asset-backed commercial paper (ABCP ABCP Asset-Backed Commercial Paper
ABCP Associação Brasileira de Cimento Portland (Brazil)
ABCP Associação Brasileira de Ciência Política
ABCP American Board of Cardiovascular Perfusion
ABCP Associate Business Continuity Planner ) programs sponsored by large money center banks Money center banks
Banks that raise most of their funds from the domestic and international money markets , relying less on depositors for funds. . Eligible ABCP programs include conduits backed by pools of receivables as well as high quality debt securities. In addition to liquidity support facilities associated with such ABCP conduits, the funds benefit, albeit on a temporary basis, from the liquidity afforded to ABCP programs under the terms of the Asset-Backed Commercial Paper Money Market Fund Liquidity Facility. As of Jan. 6, 2008, the fund portfolio was comprised of 28% unsecured commercial paper, 18% asset backed commercial paper, 20% certificates of deposit, 19% overnight time deposits, and 13% floating rate notes issued by financial and non-financial corporations. As of the same date, the fund had weighted-average maturity of 35 days and held approximately $11.5 billion in assets under management.
The above funds, formerly known BNY BNY Bank of New York Hamilton 100% U.S. Treasury Securities Fund, BNY Hamilton Treasury Money Fund and BNY Hamilton Money Fund, were reorganized on September 12, 2008 into the Dreyfus Institutional Reserves Treasury Prime Fund, Dreyfus Institutional Reserves Treasury Fund and Dreyfus Institutional Reserves Money Fund, respectively. For more information on these reorganizations see Fitch's press release titled 'Fitch Assigns 'AAA/V1+' Ratings to 4 Dreyfus Institutional Reserve Funds' dated Oct. 10, 2008 and available on the Fitch web site at www.fitchratings.com.
Dreyfus serves as an investment advisor to the three funds. Dreyfus currently has over $400 billion in assets under management, of which $300 billion is in money market funds.
Fitch will publish credit profiles on the three funds on its web site at www.fitchratings.com in the near future.
In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, 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 Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' sec