Fitch Rates Lehman Brothers Prime Fund 'AAA/V1+'.NEW YORK -- Fitch assigns Lehman Brothers Prime Fund a Money Market Fund rating of 'AAA/V1+'. The rating reflects the highest standards for credit quality, conservative investment policies, and strong ability to provide shareholders with a constant net asset value. Portfolio monitoring reports are submitted to Fitch weekly. The fund, which was launched on July 1, 2006, seeks the highest available current income consistent with safety and liquidity. This is achieved by investing in a low-risk and diversified set of money market securities, denominated in USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. , such as certificates of deposit, time deposits, bankers' acceptances, asset-backed securities (including 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 ), commercial paper, repos, and medium-term notes. The fund maintains a maximum 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 60 days. Under normal circumstances the fund will have greater than 25% exposure to companies in the financial services industries. Lehman Brothers Prime Fund is a series of Lehman Brothers Liquid Reserve Series, LLC. Lehman Brothers Prime Fund is a feeder into the master fund, Prime Portfolio. Fitch has previously rated the master fund and three other feeder funds, Lehman Brothers Prime Money Fund, Lehman Brothers Prime Reserve Money Fund, and Neuberger Berman Prime Money Fund 'AAA/V1+'. Lehman Brothers Asset Management ('LBAM') is the investment adviser to the fund and implements the Funds investment strategy. Neuberger Berman Management Inc. ('NBMI') is the Funds manager and is responsible for the day-to-day administration of the Fund's business. NBMI is an indirect 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. and LBAM LBAM Light Brown Apple Moth is a direct wholly owned subsidiary of Lehman Brothers Holding Inc. The Fund employs an experienced team of credit analysts to assess credit risk and invest the portfolios assets. More detailed information is available on the Fitch Ratings web site www.fitchratings.com. 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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