2008-09-23 04:08:04 -
- Fitch Ratings has affirmed the 'AAA/V1+' ratings assigned to Colorado Local Government Liquid Asset Trust (COLOTRUST PLUS+), following the addition of approximately $268 million of high quality assets previously held by the Colorado Diversified Trust. Both COLOTRUST PLUS+ and Colorado Diversified Trust are local government investment pools (LGIPs) overseen by the Colorado Division of Securities. Colorado Diversified Trust is not rated by Fitch.
On Sept. 17, approximately $268 million of assets were transferred to COLOTRUST PLUS+ from Colorado Diversified Trust. The transfer consisted of cash, agency securities, and repurchase agreements backed by U.S. government securities. The addition of this collateral moderately improved the weighted average credit quality of the portfolio, while the portfolio weighted average life was unchanged.
COLOTRUST PLUS+'s investment advisor is Colorado Investor Services Corporation, a wholly owned subsidiary of MBIA Asset Management, which is a wholly owned subsidiary of MBIA Inc. As of June 30, 2008, MBIA Asset Management had $63 billion in fixed income assets under management from state and local governments, academic institutions, unions and other non-profit investors.
Fitch's rating of COLOTRUST PLUS+ is based on the stand-alone credit quality, liquidity, and diversification of the portfolio, conservartive investment policies and practices, and management oversight.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
Fitch Ratings, New York
Nathan Flanders, +1-212-908-0827
Viktoria Baklanova, CFA, +1-212-908-9162
Yuriy Layvand, CPA, +1-212-908-9191
Media Relations:
Sandro Scenga, +1-212-908-0278
