Standard & Poor's - Rated Government Investment Pool Indices Enhanced To Include Security Types

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	Rated Government Investment Pool Indices Enhanced To Include Security Types

Primary Credit Analyst:
	Jaime Gitler, New York; jaime_gitler@standardandpoors.com

Secondary Credit Analyst:
	Michael Masih, New York (1) 212-438-1642; michael_masih@standardandpoors.com

Publication date: 24-Jun-09, 15:56:14 EST

Reprinted from RatingsDirect

• Current Ratings

NEW YORK (Standard & Poor's) June 24, 2009--Standard & Poor's today announced 
the enhancement of its S&P Rated GIP Indices as part of its enhanced market 
reporting for local government investment pools (GIPs). The addition of 
security types builds upon the existing S&P Rated GIP Indices, which currently 
reflect net and gross yields, weighted average maturity, and asset size. Only 
pools that are rated 'AAAm' and maintain a stable net asset value are 
included. The index is published weekly on Friday.
     The inclusion of security types in the S&P Rated GIP Index is intended to 
enhance the level of detailed information available to the market by 
illustrating a more complete view of the index.
     "Providing security types should provide investors and pool managers with 
greater clarity on the composition of the index, and allow for improved 
benchmarking of the pools," said Standard & Poor's credit analyst Jaime 
Gitler.
     Based on weekly surveillance collected on 'AAAm' rated GIPs, the 
compositions will include nine different groupings:
     -- Agency--consisting of fixed, floating, agency mortgage-backed 
securities, and FDIC guaranteed NOW accounts;
     -- Asset-Backed Securities--consisting of asset-backed securities and 
asset-backed commercial paper;
     -- Bank Deposits--consisting of banker acceptances, certificates of 
deposit, and time deposits;
     -- Commercial Paper;
     -- Corporate--consisting of fixed- and floating-rate corporate debt and 
master notes;
     -- Money-Market Fund--consisting of 'AAAm' rated money-market funds;
     -- Municipal Debt--consisting of all municipal obligations, including 
variable-rate demand obligations, municipal commercial paper, etc.;
     -- Repurchase Agreements; and
     -- Treasury--consisting of U.S. Treasury obligations.
      "Making this information available will increase the transparency of the 
index and provide greater insight to all investors. In addition, including 
this information will better educate investors--who have historically focused 
primarily on a pool's performance--by also highlighting the key credit and 
liquidity risks," added Mr. Gitler.

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