Ratings

PARIS (Standard & Poor's) Aug. 18, 2009--Standard & Poor's Ratings Services 
said today that it assigned its 'AAAf' fund credit quality and its 'S1+' 
volatility rating to CAAM INTERINVEST – Short Term (USD), a 
Luxembourg-domiciled U.S dollar-denominated money market subfund, managed by 
Crédit Agricole Asset Management (CAAM). 
     The ratings reflect Standard & Poor's analysis of the subfund's credit 
quality and investment policies, its assessment of the subfund manager's 
experience and expertise, and its appraisal of the subfund's expected 
sensitivity to changing market conditions. The 'AAAf' credit quality rating 
signifies that the subfund's selection of portfolio holdings and 
counterparties provides extremely strong protection against losses from credit 
defaults. The 'S1+' volatility rating assigned to the subfund reflects its 
extremely low sensitivity to changing market conditions.
     CAAM INTERINVEST is an open-ended investment company with variable 
capital, offering multiple subfunds and organized as a Société 
d'Investissement A Capital Variable (SICAV) in the Grand Duchy of Luxembourg. 
The SICAV is subject to Part II of the Luxembourg Law dated Dec. 20, 2002. 
CAAM INTERINVEST – Short Term (USD), which was launched in 1987, is authorized 
for distribution to the public in Luxembourg and Switzerland and for 
distribution to pension funds only in Chile.
     The aim of the subfund is to optimize the U.S. dollar money market rate 
performance, while taking into account capital security, stability of asset 
value, and a high liquidity. The subfund primarily invests in a wide range of 
highly rated money market instruments, such as certificate of deposits, 
commercial paper, time deposits or Treasuries, as well as short-term fixed- 
and floating-rate bonds, issued by financial institutions, corporate, and 
sovereign issuers. The subfund's portfolio is mainly invested in money market 
instruments denominated or hedged in U.S. dollars. Interest rate risk is 
closely monitored and the subfund's overall modified duration is always 
maintained below a quarter of a year. 
     The subfund is managed by Crédit Agricole Asset Management, which had 
€63.4 billion in money market assets under management at end June 2009. CAAM's 
cash team, which is based in Paris, operates under strict investment 
guidelines and strong risk and compliance procedures to meet the subfund's 
objectives. 
     The fund's custody and administration services are provided by 
Luxembourg-based CACEIS Bank Luxembourg S.A., a wholly owned subsidiary of 
CACEIS S.A. (AA-/Negative/A-1+). 
     Standard & Poor's fund credit quality ratings, identified by the 'f' 
subscript, are current assessments of the overall credit quality of a 
fixed–income fund's portfolio. The rating reflects the level of protection the 
fund provides against losses from credit defaults. Credit quality ratings 
range from 'AAAf' (extremely strong protection against losses from credit 
default) to 'CCCf' (extremely vulnerable to losses from credit defaults). 
Standard & Poor's volatility ratings, identified by the 'S' subscript, are 
current assessments of a fixed-income fund's sensitivity to changing market 
conditions, relative to a portfolio made-up of government securities and 
denominated in the base currency of the fund. Volatility ratings range from 
'S1+'(lowest sensitivity) to 'S6' (highest sensitivity). Volatility ratings 
evaluate sensitivity to factors such as interest rates movements, credit risk, 
and liquidity.
     Standard & Poor's reviews pertinent fund information and portfolio 
reports on a monthly basis as part of its surveillance process of its fund 
credit quality and volatility ratings.

RELATED RESEARCH

Fund Credit Quality Rating Criteria, Feb. 2, 2007
Fund Volatility Rating Criteria, Feb. 2, 2007

Additional Contact:
	Financial Institutions Ratings Europe; FIG_Europe@standardandpoors.com