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PARIS (Standard & Poor's) Dec. 22, 2008--Standard & Poor's Ratings Services
said today that it had assigned its 'AAAm' principal stability fund rating to
Dexia Money Market Euro Government, a Luxembourg subfund of Dexia Money
Market. Dexia Asset Management is the promoter and management company of the
fund.
The recent launch of the subfund is in response to increased investor
interest for money market funds that invest solely in government securities.
The 'AAAm' rating on Dexia Money Market – Dexia Money Market Euro
Government--the highest rating on Standard & Poor's principal stability fund
rating scale--reflects the subfund's extremely strong capacity to maintain
principal stability and to limit exposure to principal losses due to credit,
market, and/or liquidity risks. The rating also reflects Standard & Poor's
analysis of the subfund's investment policy, the credit quality and liquidity
of its eligible investments, and its conservative management and strict
internal controls.
Dexia Money Market Euro Government, which was launched on Oct. 8, 2008,
is a subfund of Dexia Money Market, a société d'investissement à capital
variable (SICAV), incorporated in Luxembourg and established as an umbrella
fund under the EU's undertaking for collective investments in transferable
securities (UCITS) regulations. The subfund offers capitalization and
distribution share classes and its investment objective is to enable investors
to benefit from the evolution of the money market in euros, and to offer the
highest level of security and liquidity. The subfund, which offers T+2
settlement, is targeted at European institutional and private investors.
The subfund's assets consist exclusively of euro-denominated securities,
issued by governments, which are part of the European Economic Area--such as
treasury bills, government commercial paper, or government bonds--and cash. To
minimize exposure to interest rate risk, the subfund will maintain a weighted
average maturity of no more than 60 days at all times. The subfund is
distinguished by its high credit quality, low market risk, and liquidity. Its
investments consist exclusively of securities or deposits carrying a
short-term rating of at least 'A-1' or equivalent, with most securities rated
'A-1+'.
Dexia Asset Management--which managed about €105 billion in assets as of
March 31, 2008--markets the subfund and acts as management company. The
experienced Brussels-based money market fund team in charge of fund management
is also responsible for the management of other Standard and Poor's rated
money market funds. The fund's custodian and administrator is RBC Dexia
Investor Services Bank S.A., a subsidiary of RBC Dexia Investor Services Ltd.
(AA-/Stable/A-1+).
Standard & Poor's reviews portfolio composition reports for all rated
principal stability funds on a weekly basis.
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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