July 23, 2012 / 10:22 AM / 7 years ago

TEXT-S&P drops 'AAAm' rtg on two BNP Paribas money market funds

(The following statement was released by the rating agency)

July 23 - Standard & Poor’s Ratings Services said today that it has withdrawn its ‘AAAm’ principal stability fund rating on BNP Paribas GLF - BNP Paribas GLF Euro and on BNP Paribas InstiCash EUR Government, two euro-denominated money market funds domiciled in Ireland and Luxembourg respectively.

BNP Paribas Asset Management, the funds’ investment advisor, has requested the withdrawal of the rating, given the low asset size of these two funds and the current market conditions. As of July 19, 2012, net assets stood at EUR373.49 million and EUR123.41 million for the BNP Paribas GLF Euro fund and the BNP Paribas InstiCash EUR Government, respectively.

At the time of the withdrawal, the funds’ risk profile was consistent with the requirements set out under our ‘AAAm’ principal stability fund rating criteria. As of today, Standard & Poor’s will no longer undertake weekly surveillance for these two money market funds.

BNP Paribas Asset Management is responsible for the management of five other money market funds that Standard & Poor’s rates ‘AAAm’: BNP Paribas InstiCash EUR, BNP Paribas InstiCash USD, BNP Paribas InstiCash GBP, BNP Paribas GLF - BNP Paribas GLF USD, and BNP Paribas Money Market Funds - BNP Paribas Money Prime Euro.

Standard & Poor’s principal stability fund ratings, identifiable by the ‘m’ suffix, are assigned to funds or pools that exhibit stable net asset values. Those funds rated ‘AAAm’ exhibit a superior ability to limit exposure to loss, and maintain a constant or rising net asset value per share at all times.

RELATED CRITERIA AND RESEARCH

— Methodology: Principal Stability Fund Ratings, June 8, 2011

— Standard & Poor’s Ratings Definitions, June 22, 2012

RATINGS LIST

Rating Withdrawn

To From

BNP Paribas GLF - BNP Paribas GLF Euro

Principal Stability Fund Rating NR AAAm

BNP Paribas InstiCash EUR Government

Principal Stability Fund Rating NR AAAm

0 : 0
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