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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 2020)
Arizona LGIP Pool 5 (September 2020)
California Asset Management Trust/Cash Reserve Portfolio (September 2020)
CalTRUST Short Term Fund (September 2020)
CalTRUST Medium Term Fund (September 2020)
CalTRUST Liquidity Fund (September 2020)
City of Anaheim Treasurer Investment Pool (September 2020)
City of Long Beach California Investment Pool (September 2020)
Colorado Local Government Liquid Asset Trust (COLOTRUST PRIME) (September 2020)
Colorado Local Government Liquid Asset Trust (COLOTRUST PLUS+) (September 2020)
Colorado Statewide Investment Pool – CSIP Liquid Portfolio (September 2020)
Colorado Surplus Asset Fund Trust (CSAFE) (September 2020)
Connecticut State Treasurer's Short-Term Investment Fund (September 2020)
Contra Costa County Investment Pool (September 2020)
FL SAFE Stable NAV Fund (September 2020)
FL SAFE Variable NAV Fund (September 2020)
Florida Cooperative Liquid Assets Securities System (September 2020)
Florida Short Term Asset Reserve Government Fund (September 2020)
Florida PRIME (September 2020)
Florida Public Assets for Liquidity Management - FL PALM Portfolio (September 2020)
Florida Surplus Asset Fund Trust (September 2018)
Florida Treasury Investment Pool (September 2020)
Georgia Fund 1 (September 2020)
Hillsborough County Investment Pool (September 2020)
Illinois Funds - Money Market Fund (The) (September 2020)
Illinois Public Reserves Investment Management Trust (IPRIME) (September 2020)
Illinois School District Liquid Asset Fund Plus - Liquid Class (September 2020)
Illinois School District Liquid Asset Fund Plus - Max Class (September 2020)
Illinois Trust - Illinois Portfolio (September 2020)
Iowa Schools Joint Investment Trust (September 2020)
Local Government Investment Cooperative (September 2020)
Lone Star Investment Pool - Corporate Overnight Fund (September 2020)
Lone Star Investment Pool - Corporate Overnight Plus Fund (September 2020)
Lone Star Investment Pool - Government Overnight Fund (September 2020)
Louisiana Asset Management Pool (September 2020)
Maryland Local Government Investment Pool (September 2020)
Massachusetts Development Finance Agency Short Term Asset Reserve Fund (September 2020)
Michigan Cooperative Liquid Assets Securities System (September 2020)
Michigan Liquid Asset Fund Plus/MILAF+ Portfolio (September 2020)
Minnesota School District Liquid Asset Fund/MSDLAF+ Portfolio (September 2020)
Missouri Securities Investment Program - Liquid Series (September 2020)
MNTrust - Investment Shares (September 2020)
Nebraska Liquid Asset Fund (September 2020)
New Hampshire Public Deposit Investment Pool (September 2020)
New Jersey Asset & Rebate Management Program/Joint Account (September 2020)
New Mexico Local Government Investment Pool (September 2020)
New York Cooperative Liquid Assets Securities System (September 2020)
New York Liquid Asset Fund - MAX Portfolio (February 2021)
North Carolina Capital Management Trust - Government Portfolio (September 2020)
Orange County Educational Money Market Fund (September 2020)
Orange County Money Market Fund (September 2020)
Pennsylvania INVEST Community Pool (September 2020)
Pennsylvania INVEST Daily (September 2020)
Pennsylvania Local Government Investment Trust/PLGIT Portfolio (September 2020)
Pennsylvania Local Government Investment Trust/PLGIT/PRIME Portfolio (September 2020)
Pennsylvania School District Liquid Asset Fund - Max Series (February 2021)
State of Texas Treasury Pool (September 2020)
State Treasury Asset Reserve of Ohio (STAR OHIO) (September 2020)
Texas CLASS Government (September 2020)
Texas Cooperative Liquid Assets Securities System (April 2020)
Texas Short Term Asset Reserve (TexSTAR) Cash Reserve Fund (September 2020)
TexasTERM Local Government Investment Pool/TexasDAILY Portfolio (April 2020)
TEXPOOL (September 2020)
TEXPOOL Prime (September 2020)
VACo/VML Virginia Investment Pool (VIP) 1-3 Year High Quality Bond Fund (September 2020)
VACo/VML Virginia Investment Pool (VIP) Stable NAV Liquidity Pool (September 2020)
Ventura County Treasury Portfolio (September 2020)
Virginia Local Government Investment Pool (September 2020)
Virginia Local Government Investment Pool EM (September 2020)
Virginia State Non-Arbitrage Program – SNAP Fund (“SNAP Fund”) (September 2020)
West Virginia Government Money Market Pool (September 2020)
West Virginia Money Market Pool (September 2020)
Wisconsin Investment Series Cooperative - Cash Management Class (September 2020)
Wisconsin Investment Series Cooperative - Investment Class (September 2020)
Wyoming Government Investment Fund Liquid Asset Series (September 2020)

 

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