Fitch Assigns 'AAA/V1+' Ratings to 4 Dreyfus Institutional Reserve Funds

2008-10-11 01:28:00 -

- Fitch Ratings assigns ratings of 'AAA/V1+' to the Dreyfus Institutional Reserves Government Fund, Dreyfus Institutional Reserves Treasury Fund, Dreyfus Institutional Reserves Treasury Prime Fund, and Dreyfus Institutional Reserves Money Fund. Concurrently, Fitch withdraws the 'AAA/V1+' ratings on the BNY Hamilton U.S. Government Money Fund, BNY Hamilton Treasury Money Fund, BNY Hamilton 100% U.S. Treasury Securities Fund, and BNY Hamilton Money Fund.

These rating actions reflect the transfer of all assets of the previously-named BNY Hamilton funds to corresponding Dreyfus funds as listed above. The Dreyfus funds were established for the sole purpose of effecting the reorganization of the previously-named BNY funds.

A Fitch review of the current portfolios of the Dreyfus Institutional Reserves Government Fund, Dreyfus Institutional Reserves Treasury Fund, Dreyfus Institutional Reserves Treasury Prime Fund, and Dreyfus Institutional Reserves Money Fund confirms that the credit quality, maturity profiles, and liquidity profiles of these funds are consistent with 'AAA/V1+' ratings. Furthermore, the investment management policies are substantially similar to those of the former BNY Hamilton funds with no material effects on the portfolio management practices and credit research resources dedicated to the management and administration of the funds.

The Dreyfus Corporation, or BNY Mellon Fund Advisers, a division of Dreyfus, will be serving as an investment advisor to the four Dreyfus funds. Dreyfus Corporation currently has over $300 billion in assets under management, of which more than $250 billion is in money market funds. It is affiliated with The Bank of New York Mellon Corporation, which has more than $23 trillion in assets under custody and administration and more than $1.1 trillion in assets under management and services more than $12 trillion in outstanding debt.

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
Yuriy Layvand, CPA, 212-908-9191
Ian Rasmussen, 212-908-0232
Viktoria Baklanova, CFA, 212-908-9162
or
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