2008-09-05 23:00:02 -
- Fitch Ratings assigns a rating of 'AAA/V1+' to the Fidelity Colchester Street Trust: Prime Money Market Portfolio, marketed under the name Fidelity Institutional Money Market Funds: Prime Money Market Portfolio. The assigned ratings denote the lowest expectation of credit and market risks. The portfolio's capacity to meet its objectives is highly unlikely to be adversely affected by foreseeable events.
The Prime Money Market Portfolio seeks to obtain as high a level of current income as is consistent with the preservation of principal and liquidity within the limitations prescribed for the fund. First launched in November 1989, the fund invests in the highest-quality U.S. dollar denominated securities of domestic and foreign issuers, U.S. government securities, and repurchase agreements. At the time of the rating assignment portfolio's investments in the financial services industries exceeded 25%.
The Prime Money Market Portfolio is invested in compliance with industry standard regulatory requirements for money market funds with respect to the quality, maturity, and diversification of investments as well as with Fitch money market rating criteria. Weighted-average maturity of the portfolio cannot exceed 60 days. Fitch surveys rated money market portfolios on a weekly basis.
Fitch's fund rating incorporates an opinion as to investment guidelines and practices of the portfolio's investment advisor Fidelity Management & Research Company (FMR) and sub-advisor Fidelity Investments Money Management, Inc.
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
Viktoria Baklanova, CFA, 212-908-9162
Said Rafat, 212-908-0337
or
Media Relations:
Sandro Scenga, 212-908-0278
