Ratings

LONDON (Standard & Poor's) July 7, 2009--Standard & Poor's Ratings Services 
said today that it assigned its 'AAAf' fund credit quality ratings to three 
Ireland-domiciled enhanced cash funds managed by Barclays Global Investors 
(BGI) (not rated). The fund credit quality ratings have been assigned to the 
following subfunds:

Barclays Global Investors Sterling Liquidity Plus Fund; 
Barclays Global Investors Euro Liquidity Plus Fund; and 
Barclays Global Investors Dollar Liquidity Plus Fund.

The three funds are subfunds of Barclays Global Investors Cash Selection Funds 
PLC, a Dublin-based fund, established as an open-ended investment company with 
variable capital under the laws of Ireland. It is authorized by the Irish 
Financial Regulator Services Authority as an undertaking for collective 
investments in transferable securities pursuant to EU regulations.
     The 'AAAf' rating signifies the extremely strong protection that the 
three subfunds' portfolios provide against losses from credit defaults, and is 
based on our analysis of the credit quality of the portfolios' eligible 
investments, the counterparties, and overall management by the portfolios' 
investment managers.
     The funds' investment objective is to provide investors with a return 
consistent with a low level of capital volatility and a certain degree of 
liquidity. To achieve this objective, the subfunds will invest in a 
diversified portfolio of short-dated traditional money market instruments, 
examples of which include commercial papers, certificates of deposits, and 
asset-backed securities. Credit risk will be limited by focusing on high 
credit quality investments, so as to maintain a credit profile consistent with 
a 'AAAf' fund credit quality rating. The funds rated maintain a weighted 
average maturity of one year or less. Standard & Poor's also rates five BGI 
money market funds, which are also part of the same umbrella fund.
     The experienced management team based in London is responsible for the 
day-to-day management of the above three rated subfunds. Globally BGI manages 
approximately $200 billion of money market assets. Interest rate and maturity 
strategies will be determined during regular investment policy committees, and 
the fixed-income team draws on the expertise of the global credit team, who 
maintain a global list of approved credits specifically for money market 
funds. 
     BGI is the world's largest index asset manager and is a direct subsidiary 
of Barclays Global Investors U.K. Holdings Ltd., which is fully owned by 
Barclays PLC (A+/Negative/A-1), the nonoperational holding company of Barclays 
Bank PLC (AA-/Negative/A-1+). Dublin-based J.P. Morgan Bank (Ireland) PLC acts 
as the custodian, and administration services are provided by J.P. Morgan 
Administration Services (Ireland) Ltd. Both entities are subsidiaries of 
JPMorgan Chase & Co. (A+/Negative/A-1). 
     Standard & Poor's will review pertinent fund information and portfolio 
holding reports on a monthly basis, as part of its surveillance process.

RELATED RESEARCH

"Criteria/Financial Institutions/Fixed-Income Funds: Fund Credit Quality 
Rating Criteria," published on Feb. 2, 2007, on RatingsDirect.
"Criteria/Financial Institutions/Fixed-Income Funds: Fund Volatility 
Rating Criteria," published on Feb. 2, 2007, on RatingsDirect.

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