Press Release: S&P Rates Royal Bank of Scotland Intl Money Mkt Funds
Standard & Poor's today assigned its triple-'Am' money market fund rating to the sterling, U.S. dollar and euro classes of The Royal Bank of Scotland International Money Market Funds Ltd. The three currency classes have been established by RBSI Asset Management Ltd. to offer corporate and institutional clients a high-quality, low-risk alternative to deposits denominated in these currencies.
The Royal Bank of Scotland International Money Market Funds Ltd.
is structured as an umbrella fund, and offers three currency classes.
The sterling, U.S. dollar, and euro classes exhibit the following features:
High credit quality.
The funds' investments are comprised exclusively of securities
or deposits with a short-term rating of at least 'A-1', or equivalent.
Most securities are rated 'A-1'-plus.
Low market risk. The funds are structured to minimize exposure
to interest rate risk. The portfolios of the sterling, U.S. dollar,
and euro classes will maintain a weighted average maturity not
exceeding 60 days.
Liquidity. The funds will offer daily dealing to investors.
Money market fund ratings, identifiable by the 'm' suffix, are
assigned to funds or pools that exhibit stable net asset values.
Those funds rated triple-'Am' by Standard & Poor's, the highest
rating, exhibit a superior ability to limit exposure to loss,
and maintain a constant or rising net asset value per share at
all times. Money market funds are rated on a scale from triple-'Am'
to triple-'Cm'.
Standard & Poor's reviews portfolio composition reports for
all rated money funds on a weekly basis. These reports provide
up-to-date information on the holdings of a fund, its weighted-average
portfolio maturity, net asset value, and investors' subscriptions
and redemptions.
The Royal Bank of Scotland International Money Market Funds Ltd. is an offshore, open-ended investment company incorporated on April 3, 2000, in Jersey, under the Companies (Jersey) Law 1991. The fund is governed under the regulations of the Collective Investment Funds (Jersey) Law 1988.
The sterling, U.S. dollar, and euro classes were launched today. The fund's investment objective is to achieve a competitive money market rate return, combined with minimal risk.
The investment manager, The Royal Bank of Scotland PLC (A+/Watch Pos/A-1), is regulated by the Investment Management Regulatory Organization in the U.K. An experienced team of investment professionals is dedicated to managing the sterling, U.S. dollar and euro classes. The investment management team takes a thorough analytical approach to the management of the funds, focusing on its principle of credit quality, liquidity, and risk.
The administration and custody of the fund are managed by two distinct entities of The Royal Bank of Scotland group, RBSI Fund Administration Ltd. and RBSI Custody Bank Ltd., Standard & Poor's said.
SOURCE: Standard & Poor's CreditWire
.
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