Fitch Rates BofA Funds AAAmmf
A press release entitled, "Fitch Rates BofA Treasury, Government and Government Plus Reserves at 'AAAmmf'," says, "Fitch Ratings has assigned ratings to the following three money market funds advised by BofA Advisors, LLC (BofA), an indirect, wholly owned subsidiary of Bank of America Corporation --BofA Treasury Reserves - rated 'AAAmmf'; --BofA Government Reserves - rated 'AAAmmf'; --BofA Government Plus Reserves - rated 'AAAmmf'. The main drivers for the ratings assignment are: -- The funds' overall credit quality and diversification; -- Minimal exposure to interest rate and spread risks; and -- The capabilities and resources of BofA as investment advisor. The 'AAAmmf' money market fund ratings reflect the funds' extremely strong capacities to achieve their investment objectives of preserving principal and providing shareholder liquidity through limiting credit, market, and liquidity risk.... BofA, the funds' investment advisor is a subsidiary of BofA Global Capital Management, which is a cash investment management division of Bank of America Corporation (rated 'A/F1' by Fitch), and is one of the world's largest financial institutions. BofA Global Capital Management has over $77.3 billion in assets under management (as of June 30, 2012) and is focused solely on the management of short-term debt portfolios and has access to the extensive resources of Bank of America, including the insights of the bank's economists, market strategists and fixed-income specialists. Fitch views BofA and BofA Global Capital Management's investment advisory capabilities, resource commitment, operational controls, corporate governance, and compliance procedures as consistent with the ratings assigned to the funds." (For a list of all ratings on money market mutual funds, see Crane Data's monthly Money Fund Intelligence XLS.)
