Fitch Rates Evergreen Institutional Municipal Money Market Fund 'AAA/V1+'.NEW YORK -- Evergreen Institutional Municipal Money Market Fund, with over $6.4 billion in assets as of Oct. 31, 2005 is assigned a money market fund rating of 'AAA/V1+' by Fitch Ratings. The rating reflects the fund's high credit quality, conservative investment policies, and strong ability to provide shareholders with a constant $1.00 per share valuation. Portfolio valuation reports are submitted to Fitch weekly. The objective of the fund is to provide 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. Notes: For investors using the capital preservation strategy to achieve their goal, they must ensure their portfolio is producing a return that is at and the maintenance of liquidity. The fund pursues its investment objective by investing in high quality, short-term municipal obligations. Fitch requires a weighted average maturity (WAM WAM - Intermediate language for compiled Prolog, used by the Warren Abstract Machine. "An Abstract Prolog Instruction Set", D.H.D. Warren, TR 309, SRI 1983. ) of all assets on a dollar-weighted basis to be 60 days or less for an 'AAA/V1+' rated fund. The WAM as of Nov. 22, 2005 was 24 days. Fitch assigns the 'V1+' volatility rating to distinguish money market funds that will maintain stable principal values from bond funds that experience fluctuating net asset values but nevertheless carry 'AAA' credit ratings and/or 'V1' volatility ratings. Bond funds are rated on a scale from 'V1' (least volatile, but still displaying NAV See navigation system and navigation bar. variability) to 'V10' (most volatile). The fund's investment adviser is Evergreen Investment Management Company, LLC (EIMC EIMC Electronic Imaging and Media Communications (University of Bradford department) ). EIMC has been managing mutual funds and private accounts since 1932 and manages over $102 billion in assets for Evergreen funds. EIMC is 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 Wachovia Corporation, the fourth largest bank holding company in the U.S., with over $532 billion in consolidated assets, as of Sept. 30, 2005. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. 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' section of this site. |
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