Fitch Affirms 3 Dreyfus Institutional Reserves Funds at 'AAA/V1+'.
--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. 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 and maintenance of liquidity, underlying asset types vary by fund.
The Dreyfus Institutional Reserves Treasury Prime Fund invests exclusively in U.S. Treasury securities. 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.
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) programs sponsored by large money center banks. 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 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.
|Printer friendly Cite/link Email Feedback|
|Date:||Jan 15, 2009|
|Previous Article:||Asymtek Appoints New Regional Sales Managers in Korea, Singapore and Malaysia.|
|Next Article:||Michael Kaddatz, CPCU, ARM Joins Bickmore Risk Services & Consulting (BRS).|