S&P Says NY CLASS 'AAAm' Affirmed
S&P Global Ratings published, "NY CLASS 'AAAm' Principal Stability Fund Rating Affirmed; New York Liquid Asset Fund – Max Portfolio Rating Withdrawn." It states, "S&P Global Ratings today affirmed its 'AAAm' principal stability fund rating (PSFR) on the New York Cooperative Liquid Assets Securities System (NY CLASS) and subsequently withdrew the 'AAAm' PSFR on New York Liquid Asset Fund – Max Portfolio. Our affirmation follows the announcement that NY CLASS, a fund managed by Public Trust Advisors LLC, will acquire the assets of New York Liquid Asset Fund – Max Portfolio, a fund managed by PMA Cos. There are no changes to the investment strategy, and NY CLASS will maintain its existing operating framework. The 'AAAm' rating is the highest PSFR we assign and indicates an extremely strong capacity to maintain principal stability and to limit exposure to principal losses caused by credit risk." They write, "In our view, the fund achieves this through conservative investment practices and strict internal controls. NY CLASS is a short-term, highly liquid investment fund, designed specifically for the public sector. NY CLASS provides the opportunity to invest funds on a cooperative basis in short-term investments that strive to prioritize safety, liquidity, and yield. NY CLASS invests cooperative funds only in securities that are legal for public funds investments in New York. The fund seeks to maintain a stable value of $1.00 per share." S&P adds, "Denver-based Public Trust Advisors LLC is the investment adviser and administrator for the fund. In November 2024, S&P Global Ratings affirmed the rating on NY CLASS and 28 other local government investment pools managed by PMA and Public Trust. This affirmation followed the announcement that PMA and Public Trust were combining to create a new financial services company backed by Flexpoint Ford and TA Associates. The combined company, PTMA Financial Solutions, works with clients across 26 states to provide customized financial solutions to over 12,000 local governments and public entities." S&P also posted, "Nebraska Public Agency Investment Trust Portfolio 'AAAm' Principal Stability Fund Rating Affirmed," which says, "S&P Global Ratings today affirmed its 'AAAm' principal stability fund rating (PSFR) on the Nebraska Public Agency Investment Trust (NPAIT). Our affirmation follows the announcement that PMA Cos. managed fund, NPAIT, will acquire the assets of Public Trust Advisors LLC managed fund, Nebraska Cooperative Liquid Assets Securities System.... NPAIT is a local government investment pool established by Nebraska public entities seeking to invest funds jointly through a safe, efficient investment program. Designed and governed by public entities, NPAIT is managed with guiding principles focused on public entities and the communities they serve." For more news on LGIPs, see these Crane Data News stories: "S&P Global Ratings on Domestic and European MM Funds, LGIPs, in Q1'25" (5/16/25), "PFII Discusses LGIPs in Texas" (4/17/25), "ICI: Assets Fall to $6.914 Trillion; JPMorgan on Holdings; Fitch on LGIPs" (2/21/25), and "S&P Global Ratings on U.S., European Money Fund Trends in Q4'24; LGIPs" (2/5/25).
