Fitch Rates Texas Cooperative Liquid Asset Securities System PLUS+ '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 -- Texas Cooperative Liquid Asset Securities System PLUS+ (TX CLASS PLUS+) is assigned a local government investment pool rating of 'AAA/V1' by Fitch Ratings. The rating reflects the pool's high credit quality, conservative investment policies, and experience of the asset manager. Portfolio valuation reports are submitted to Fitch weekly. TX CLASS PLUS+ is a sub-account of the Texas Cooperative Liquid Asset Securities System (Texas CLASS) government investment pool. Individual participants may invest their funds in the sub-account to be invested by MBIA-Municipal Investors Service Corp. (MBIA-MISC) in accordance with Texas law and the participant's investment policies. Allowable investments include the U.S. government obligations, CDs, Banker's Acceptances, Commercial Paper, money market funds, and repurchase agreements collateralized by obligations of the U.S. government. Each investment will be established and managed individually. Local Government Investment Pools (LGIPs) and similar bond funds rated 'AAA' meet the highest credit quality standards for portfolio assets, diversification, investment management, and operational capabilities. LGIPs and similar bond funds rated 'V1' are considered to have a low market risk. Total returns exhibit relative stability, performing consistently across a broad range of interest rate scenarios. These funds offer the lowest risk exposure to interest rates and changing market conditions. LGIPS with variable NAVs and 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). MBIA-MISC 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 MBIA MBIA Montana Building Industry Association MBIA Municipal Bond Insurance Association MBIA Michigan Boating Industries Association MBIA Municipal Bond Investors Assurance MBIA Massachusetts Brain Injury Association MBIA Maryland Business Incubation Association Asset Management Group LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . MBIA Asset Management Group has $55 billion under management in both advisory and structured assets as of June 1, 2006. The Texas CLASS program has used MBIA-MISC as the program administrator and investment advisor since 1996. 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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