S&P Rates Mutuafondo Corto Plazo FIM 'AAAf/S1'.Business Editors PARIS--(BUSINESS WIRE)--Standard & Poor's Nov. 19, 2001-- Standard & Poor's today assigned first ratings to Mutuafondo Corto Plazo FIM FIM The ISO 4217 currency code for the Finnish Markka. , a Spanish short-term bond fund Short-term bond fund A bond mutual fund holding short to intermediate-term bonds that have maturities of three to five years. targeted at Spanish institutions. A triple-'Af' bond fund rating and 'S1' volatility rating were assigned. The fund is managed by Mutuactivos S.A., S.G.I.I.C. (Mutuactivos), the asset management subsidiary of Mutua Madrilena Automovilista, a leading Spanish insurance company. Mutuactivos manages a range of equity and fixed-income funds, with total 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. exceeding EUR EUR In currencies, this is the abbreviation for the Euro. 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. 2 billion. Mutuafondo Corto Plazo FIM aims to offer a return comparable with three-month interbank in·ter·bank adj. Relating to, involving, or connecting two or more banks: interbank borrowing; an interbank network of automated teller machines. deposits in euros, as well as liquidity and a high level of stability of its net asset value. The fund's assets, which are primarily high-quality, liquid instruments denominated in euros, may include government or supranational Supranational An international organization, or union, whereby member states transcend national boundaries or interests to share in the decision-making and vote on issues pertaining to the wider grouping. debt, as well as debt issued by private issuers. At present, the portfolio is mostly comprised of asset-backed securities and repurchase agreements. The investment manager's stated policy is to maintain the fund duration around three months, with a maximum duration of one year at any time. Bond-fund credit-quality ratings, identified by the 'f' subscript (1) In word processing and scientific notation, a digit or symbol that appears below the line; for example, H2O, the symbol for water. Contrast with superscript. (2) In programming, a method for referencing data in a table. , are assigned to funds that exhibit variable net-asset values. The rating reflects the likely level of protection against losses from credit defaults, and is based mainly on an analysis of the credit quality of the portfolio investments, eligible investments, and likelihood of counterparty default. Funds rated triple-'Af' by Standard & Poor's show extremely strong protection against losses from credit defaults. Volatility ratings, identified by the 'S' subscript, are based on Standard & Poor's current opinion of a fixed-income fund's sensitivity to changing market conditions, relative to a portfolio made up of government securities and denominated in the base currency of the fund. Volatility ratings evaluate sensitivity to factors such as interest rate movements, credit risk, and liquidity. 'S1' rated funds have an aggregate level of risk less than or equal to that of a portfolio made up of securities maturing within one to three years, denominated in the base currency of the fund--which in this case is the euro. Standard & Poor's will review the fund's investments and counterparties monthly to ensure continuing compliance with the criteria relevant to the ratings. Mutuafondo Corto Plazo FIM, which was incorporated on July 5, 2001, is managed under the rules set forth by the CNMV CNMV Comisión Nacional del Mercado de Valores CNMV Colegiul National Mihai Viteazul (Romania) (Comision Nacional del Mercado de Valores), which is the regulator for mutual funds in Spain. The fund's custodian is Banco Popular Espanol, S.A., rated AA/Stable/A-1+ by Standard & Poor's. Mutuactivos, the fund's investment manager and administrator, has three other funds that are rated by Standard & Poor's. These are Mutuafondo Dinero FIAMM FIAMM Fondo de Inversión en Activos de Mercado Monetario (money-market fund, money-market mutual fund) , rated 'AAAf/S1+'; Mutuafondo FIM, rated 'AAAf/S2'; and Mutuafondo L.P. FIM, rated 'AAAf/S3'. |
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