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LONDON (Standard & Poor's) Sept. 1, 2008--Standard & Poor's Ratings Services
said today that it assigned its highest principal stability fund rating of
'AAAm' to Robeco Euro Cash, a French-domiciled Fonds Commun de Placement
(FCP). The rating is based on Standard & Poor's analysis of the fund's credit
quality, liquidity, market price exposure, and management.
Banque Robeco, fund sponsor of the Robeco Euro Cash, has established the
fund to offer institutional and corporate investors a high level of current
income and daily liquidity, as is consistent with the preservation of capital.
The assigned rating reflects the fund's extremely strong capacity to
maintain principal stability and to limit exposure to principal losses due to
credit, market, and/or liquidity risks.
The fund will be managed by an experienced team of investment
professionals, at Paris-based Robeco Gestions SAS, which is responsible for
managing approximately €3.5 billion of money market assets, and is a division
of the asset management arm of Cooperatieve Centrale Raiffeisen-Boerenleenbank
B.A. (Rabobank Nederland) (AAA/Stable/A-1+).
The investment team operates under conservative investment practices and
strict internal controls to meet the fund's objectives. The Robeco Euro Cash
will invest in a highly diversified portfolio of high-quality, short-term
securities, and money market instruments including commercial papers,
certificates of deposit, and bank deposits.
The fund will maintain strong credit quality standards by investing all
assets in securities or with counterparties rated at least 'A-1' by Standard &
Poor's, or deemed to be of equivalent credit quality. To enhance the
portfolios' liquidity and diminish sensitivity to changing interest rates, a
weighted average maturity of 60 days or less will be maintained. The Robeco
Euro Cash offers an accumulating net asset value per share and will be managed
so as to maintain a 'AAAm' principal stability fund rating. Standard & Poor's
will review pertinent fund information and portfolio reports on a weekly basis
as part of its surveillance process.
Created as a fund structure in September 1991, Robeco Euro Cash has been
established as a FCP under French law and now has UCITS III status. Robeco
Gestions Fund Administration has been delegated to perform all administrative
duties that arise in connection with the administration of the fund, while
fund distribution will be undertaking by Banque Robeco. BNP Paribas Securities
Services, a wholly owned subsidiary of BNP Paribas (AA+/Stable/A-1+), will act
as custodian to the fund.
Ratings information is available to subscribers of RatingsDirect, the
real-time Web-based source for Standard & Poor's credit ratings, research, and
risk analysis, at www.ratingsdirect.com. It can also be found on Standard &
Poor's public Web site at www.standardandpoors.com; select your preferred
country or region, then Ratings in the left navigation bar, followed by Credit
Ratings Search. Alternatively, call one of the following Standard & Poor's
numbers: Client Support Europe (44) 20-7176-7176; London Press Office (44)
20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5914; or Moscow (7) 495-783-4017.
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