OREANDA-NEWS. Fitch Ratings has revised its existing bond fund ratings, applying the revised rating scales published in its Aug. 22, 2016 updated 'Global Bond Fund Rating Criteria'.

THE REVISION RATINGS

Today's rating revisions include the addition of an 'f' suffix to Fund Credit Quality Ratings. The 'f' suffix is intended to better distinguish these ratings from traditional credit ratings assigned to individual issues and issuers. In addition, previously assigned Fund Volatility Ratings have been renamed Fund Market Risk Sensitivity Ratings, and the related rating scale has been revised to 'S1' to 'S6' (from 'V1' to 'V6'). On Aug. 22, 2016, Fitch updated its Ratings Definitions to reflect the new scales.

The revisions announced today impact bond funds domiciled in the APAC, EMEA and North America regions. Revisions to funds domiciled in Latin America will be published at a later date, subject to approval by local market regulators

Fitch has revised the ratings as follows:

Aberdeen Liquidity Fund (Lux) - Ultra Short Duration Sterling Fund: International Fund Credit Quality Rating to 'AAAf' from 'AAA'; 'S1' Fund Market Risk Sensitivity Rating replaces 'V1' Fund Volatility Rating;

ABSA Money Market Fund: National Fund Credit Quality Rating to 'AA+f(zaf)' from 'AA+(zaf)'; 'S1(zaf)' National Fund Market Risk Sensitivity Rating replaces 'V1(zaf)' National Fund Volatility Rating;

Amundi 3M: International Fund Credit Quality Rating to 'Af' from 'A'; 'S1' Fund Market Risk Sensitivity Rating replaces 'V1' Fund Volatility Rating;

CCLA - CBF Church of England Deposit Fund: International Fund Credit Quality Rating to 'AAAf' from 'AAA'; 'S1' Fund Market Risk Sensitivity Rating replaces 'V1' Fund Volatility Rating;

CCLA - COIF Charities Deposit Fund: International Fund Credit Quality Rating to 'AAAf' from 'AAA'; 'S1' Fund Market Risk Sensitivity Rating replaces 'V1' Fund Volatility Rating;

Ceylon Dollar Bond Fund: International Fund Credit Quality Rating to 'B+f' from 'B+'; 'S5' Fund Market Risk Sensitivity Rating replaces 'V5' Fund Volatility Rating;

City of Houston General Investment Pool: International Fund Credit Quality Rating to 'AAAf' from 'AAA'; 'S1' Fund Market Risk Sensitivity Rating replaces 'V1' Fund Volatility Rating;

Diversified European Credit S. A.: International Fund Credit Quality Rating to 'BBB-f' from 'BBB-'; 'S4' Fund Market Risk Sensitivity Rating replaces 'V4' Fund Volatility Rating;

European Credit Luxembourg S. A.: International Fund Credit Quality Rating to 'BBB-f' from 'BBB-'; 'S4' Fund Market Risk Sensitivity Rating replaces 'V4' Fund Volatility Rating;

FCP Emergence Serenite: National Fund Credit Quality Rating to 'AAAf(mar)' from 'AAA(mar)'; 'S3(mar)' National Fund Market Risk Sensitivity Rating replaces 'V3(mar)' National Fund Volatility Rating;

Florida Municipal Investment Trust 0-2 Year High Quality Bond Fund: International Fund Credit Quality Rating to 'AAAf' from 'AAA'; 'S1' Fund Market Risk Sensitivity Rating replaces 'V1' Fund Volatility Rating;

Florida Municipal Investment Trust 1-3 Year High Quality Bond Fund: International Fund Credit Quality Rating to 'AAAf' from 'AAA'; 'S2' Fund Market Risk Sensitivity Rating replaces 'V2' Fund Volatility Rating;

Florida Municipal Investment Trust Broad Market High Quality Bond Fund: International Fund Credit Quality Rating to 'AAf' from 'AA'; 'S4' Fund Market Risk Sensitivity Rating replaces 'V4' Fund Volatility Rating;

Florida Municipal Investment Trust Intermediate High Quality Bond Fund: International Fund Credit Quality Rating to 'AAAf' from 'AAA'; 'S3' Fund Market Risk Sensitivity Rating replaces 'V3' Fund Volatility Rating;

Henderson Institutional Cash Fund: International Fund Credit Quality Rating to 'AAAf' from 'AAA'; 'S1' Fund Market Risk Sensitivity Rating replaces 'V1' Fund Volatility Rating;

IIFIG Government Liquidity Fund: International Fund Credit Quality Rating to 'AAAf' from 'AAA'; 'S1' Fund Market Risk Sensitivity Rating replaces 'V1' Fund Volatility Rating;

Insight Liquid ABS Fund: International Fund Credit Quality Rating to 'AAAf' from 'AAA'; 'S2' Fund Market Risk Sensitivity Rating replaces 'V2' Fund Volatility Rating;

Lyxor EuroGovies Risk Balanced Fund: International Fund Credit Quality Rating to 'AAf' from 'AA'; 'S2' Fund Market Risk Sensitivity Rating replaces 'V2' Fund Volatility Rating;

Marin County Investment Pool: International Fund Credit Quality Rating to 'AAAf' from 'AAA'; 'S1' Fund Market Risk Sensitivity Rating replaces 'V1' Fund Volatility Rating;

Mega Diamond Money Market Fund, National Fund Credit Quality Rating to 'AA+f(twn)' from 'AA+(twn)'; 'S1(twn)' National Fund Market Risk Sensitivity Rating replaces 'V1(twn)' National Fund Volatility Rating;

Mirae Asset Solomon Money Market Fund: National Fund Credit Quality Rating to 'AA+f(twn)' from 'AA+(twn)'; 'S1(twn)' National Fund Market Risk Sensitivity Rating replaces 'V1(twn)' National Fund Volatility Rating;

Momentum Money Market Fund: National Fund Credit Quality Rating to 'AA+f(zaf)' from 'AA+(zaf)'; 'S1(zaf)' National Fund Market Risk Sensitivity Rating replaces 'V1(zaf)' National Fund Volatility Rating;

Morgan Stanley Institutional Fund Trust Ultra-Short Income Portfolio: International Fund Credit Quality Rating to 'AAAf' from 'AAA'; 'S1' Fund Market Risk Sensitivity Rating replaces 'V1' Fund Volatility Rating;

Paradigm Pion Money Market Fund: National Fund Credit Quality Rating to 'AA+f(twn)' from 'AA+(twn)'; 'S1(twn)' National Fund Market Risk Sensitivity Rating replaces 'V1(twn)' National Fund Volatility Rating;

Riverside County Treasurer's Pooled Investment Fund: International Fund Credit Quality Rating to 'AAAf' from 'AAA'; 'S1' Fund Market Risk Sensitivity Rating replaces 'V1' Fund Volatility Rating;

Royal London Bond Funds ICVC - Royal London Cash Plus Fund: International Fund Credit Quality Rating to 'AAAf' from 'AAA'; 'S1' Fund Market Risk Sensitivity Rating replaces 'V1' Fund Volatility Rating;

Royal London Bond Funds ICVC - Royal London Enhanced Cash Plus Fund: International Fund Credit Quality Rating to 'AAf' from 'AA'; 'S2' Fund Market Risk Sensitivity Rating replaces 'V2' Fund Volatility Rating;

San Bernardino County Investment Pool: International Fund Credit Quality Rating to 'AAAf' from 'AAA'; 'S1' Fund Market Risk Sensitivity Rating replaces 'V1' Fund Volatility Rating;

San Luis Obispo County Treasury Investment Pool: International Fund Credit Quality Rating to 'AAAf' from 'AAA'; 'S1' Fund Market Risk Sensitivity Rating replaces 'V1' Fund Volatility Rating;

Southchester (RF) Limited: International Fund Credit Quality Rating to 'BBB-f' from 'BBB-'; 'S3' Fund Market Risk Sensitivity Rating replaces 'V3' Fund Volatility Rating;

Southchester (RF) Limited: National Fund Credit Quality Rating to 'AA+f(zaf)' from 'AA+(zaf)'; 'S2(zaf)' National Fund Market Risk Sensitivity Rating replaces 'V2(zaf)' National Fund Volatility Rating;

Taishin 1699 Money Market Fund: National Fund Credit Quality Rating to 'AA+f(twn)' from 'AA+(twn)'; 'S1(twn)' National Fund Market Risk Sensitivity Rating replaces 'V1(twn)' National Fund Volatility Rating;

Taishin Ta-Chong Money Market Fund: National Fund Credit Quality Rating to 'AA+f(twn)' from 'AA+(twn)'; 'S1(twn)' National Fund Market Risk Sensitivity Rating replaces 'V1(twn)' National Fund Volatility Rating;

Union Money Market Fund: National Fund Credit Quality Rating to 'AA+f(twn)' from 'AA+(twn)'; 'S1(twn)' National Fund Market Risk Sensitivity Rating replaces 'V1(twn)' National Fund Volatility Rating;

Western Asset Ultra Short Obligations Fund: International Fund Credit Quality Rating to 'AAAf' from 'AAA'; 'S1' Fund Market Risk Sensitivity Rating replaces 'V1' Fund Volatility Rating;

Western Asset Ultra Short Obligations Fund Ltd.: International Fund Credit Quality Rating to 'AAAf' from 'AAA'; 'S1' Fund Market Risk Sensitivity Rating replaces 'V1' Fund Volatility Rating.

RATING SENSITIVITIES

The ratings may be sensitive to material changes in the credit quality or market risk profile of the funds. A material adverse deviation from Fitch's guidelines for any key rating driver could cause Fitch to downgrade a fund's ratings. For example, if credit deterioration occurs such that a fund's weighted average rating factor (WARF) increases beyond criteria levels for a 'AAA(f)' Fund Credit Quality Rating, the rating may be downgraded. Similarly, a material change to a fund's interest rate risk hedging policy or a material increase in spread duration would be expected to negatively affect a fund's Market Risk Sensitivity Ratings.