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Essential Intelligence: Special Purpose

Local Government Investment Pools

S&P Global Ratings has been rating Local Government Investment Pools (LGIPs) since 1992, and are one of the leading credit rating agencies in this sector within the United States. We are able to analyze LGIPs consisting of both internal and external participants where the management team is an experienced investment team and/or outsourced to an investment advisor.

We assign three different types of ratings to LGIPs based on the pool’s investment objective:

Principal Stability Fund Ratings are our forward-looking opinion about the ability of a LGIP to maintain stable principal and limit exposure to principal losses due to credit risk. The rating categories for LGIPs ratings based on the PSFR methodology, range from 'AAAm' (extremely strong capacity to maintain principal stability and to limit exposure to principal losses due to credit risk), to 'Dm' (failure to maintain principal stability resulting in a realized or unrealized loss of principal). PSFRs are identified by the 'm' suffix to distinguish it from an S&P Global Ratings traditional issue or issuer credit rating, which by comparison, reflects our view of a borrower's ability to fully and timely meet its financial obligations.

Fund Credit Quality Ratings address the overall credit quality of a fixed-income investment fund and are derived from our historical default and transition studies that go back more than 35 years. Rating categories range from 'AAAf' (for funds where their portfolio exposure is extremely strong) to 'Df' (for funds that are predominantly exposed to defaulted assets and/or counterparties). Those funds assigned Fund Credit Quality Ratings typically offer a variable net asset value. Fund Credit Quality Ratings typically accompany Fund Volatility Ratings.

Fund Volatility Ratings are our forward-looking opinion about a fixed-income investment fund's volatility of returns relative to that of a "reference index" denominated in the base currency of the fund. Primarily the assessment evaluates the fund's sensitivity to risks that may affect returns such as interest rate risk, credit risk, and liquidity risk along with the use of derivatives, leverage or exposure to foreign currency risk. Fund Volatility Ratings are expressed on a scale from 'S1' (lowest volatility) to 'S5' (highest volatility).

We perform weekly surveillance on LGIPs rated pursuant to the PSFR methodology, and monthly on FCQR/FVRs, methodology in order to form a view on whether any changes in the portfolio and management’s operating policies may alter the fund's credit profile and, therefore, the rating. S&P Global Ratings also conducts an annual management review to identify any changes in management, policy, strategy, and operations. During volatile market conditions, we typically enhance our standard surveillance to assess whether LGIPs are maintaining the relevant fund metrics. Enhanced surveillance, which may include daily interactions with the LGIP investment team or investment advisors, is fundamental to our rating process during periods of market volatility.

Alaska Municipal League Investment Pool (September 2021)
Arizona LGIP Pool 5 (March 2021)
California Asset Management Trust/Cash Reserve Portfolio (March 2021)
CalTRUST Short Term Fund (March 2021)
CalTRUST Medium Term Fund (March 2021)
CalTRUST Liquidity Fund (March 2021)
City of Anaheim Treasurer Investment Pool (March 2021)
City of Long Beach California Investment Pool (March 2021)
City of Miami Beach Investment Program (March 2021)
Colorado Local Government Liquid Asset Trust (COLOTRUST PRIME) (March 2021)
Colorado Local Government Liquid Asset Trust (COLOTRUST PLUS+) (March 2021)
Colorado Statewide Investment Pool – CSIP Liquid Portfolio (March 2021)
Colorado Surplus Asset Fund Trust (CSAFE) (March 2021)
Connecticut State Treasurer's Short-Term Investment Fund (March 2021)
Contra Costa County Investment Pool (September 2021)
FL SAFE Stable NAV Fund (March 2021)
FL SAFE Variable NAV Fund (March 2021)
Florida Cooperative Liquid Assets Securities System (March 2021)
Florida Short Term Asset Reserve Government Fund (March 2021)
Florida PRIME (March 2021)
Florida Public Assets for Liquidity Management - FL PALM Portfolio (March 2021)
Florida Treasury Investment Pool (March 2021)
Georgia Fund 1 (March 2021)
Hillsborough County Investment Pool (September 2021)
Illinois Funds - Money Market Fund (The) (March 2021)
Illinois Public Reserves Investment Management Trust (IPRIME) (March 2021)
Illinois School District Liquid Asset Fund Plus - Liquid Class (March 2021)
Illinois School District Liquid Asset Fund Plus - Max Class (March 2021)
Illinois Trust - Illinois Portfolio (March 2021)
Iowa Public Agency Investment Trust - Diversified Portfolio (March 2021)
Iowa Schools Joint Investment Trust (March 2021)
Local Government Investment Cooperative (March 2021)
Lone Star Investment Pool - Corporate Overnight Fund (March 2021)
Lone Star Investment Pool - Corporate Overnight Plus Fund (March 2021)
Lone Star Investment Pool - Government Overnight Fund (March 2021)
Louisiana Asset Management Pool (September 2021)
Maryland Local Government Investment Pool (March 2021)
Massachusetts Development Finance Agency Short Term Asset Reserve Fund (March 2021)
Michigan Cooperative Liquid Assets Securities System (March 2021)
Michigan Liquid Asset Fund Plus/MILAF+ Portfolio (March 2021)
Minnesota School District Liquid Asset Fund/MSDLAF+ Portfolio (March 2021)
Missouri Securities Investment Program - Liquid Series (March 2021)
MNTrust - Investment Shares (March 2021)
Nebraska Liquid Asset Fund (March 2021)
New Hampshire Public Deposit Investment Pool (March 2021)
New Jersey Asset & Rebate Management Program/Joint Account (March 2021)
New Mexico Local Government Investment Pool (March 2021)
New York Cooperative Liquid Assets Securities System (March 2021)
New York Liquid Asset Fund - MAX Portfolio (March 2021)
North Carolina Capital Management Trust - Government Portfolio (March 2021)
Orange County Educational Money Market Fund (March 2021)
Orange County Money Market Fund (March 2021)
Pennsylvania INVEST Community Pool (March 2021)
Pennsylvania INVEST Daily (March 2021)
Pennsylvania Local Government Investment Trust/PLGIT Portfolio (March 2021)
Pennsylvania Local Government Investment Trust/PLGIT/PRIME Portfolio (March 2021)
Pennsylvania School District Liquid Asset Fund - Max Series (March 2021)
State of Texas Treasury Pool (March 2021)
State Treasury Asset Reserve of Ohio (STAR OHIO) (March 2021)
Texas CLASS Government (March 2021)
Texas Cooperative Liquid Assets Securities System (March 2021)
Texas Short Term Asset Reserve (TexSTAR) Cash Reserve Fund (March 2021)
TexasTERM Local Government Investment Pool/TexasDAILY Portfolio (March 2021)
TEXPOOL (March 2021) TEXPOOL Prime (March 2021)
VACo/VML Virginia Investment Pool (VIP) 1-3 Year High Quality Bond Fund (March 2021)
VACo/VML Virginia Investment Pool (VIP) Stable NAV Liquidity Pool (March 2021)
Ventura County Treasury Portfolio (September 2021)
Virginia Local Government Investment Pool (Septeber 2021)
Virginia Local Government Investment Pool EM (September 2021)
Virginia State Non-Arbitrage Program – SNAP Fund (“SNAP Fund”) (March 2021)
West Virginia Government Money Market Pool (March 2021)
West Virginia Money Market Pool (March 2021)
Wisconsin Investment Series Cooperative - Cash Management Class (March 2021)
Wisconsin Investment Series Cooperative - Investment Class (March 2021)
Wyoming Government Investment Fund Liquid Asset Series (March 2021)

 

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