OREANDA-NEWS. Fitch Ratings has affirmed the 'AAAmmf' rating assigned to the JPMorgan U. S. Government Money Market Fund, a registered 2a-7 money market fund managed by J. P. Morgan Investment Management Inc.

KEY RATING DRIVERS

The 'AAAmmf' rating reflects:

--The fund's overall credit quality and diversification;

--Low exposure to interest rate and spread risks;

--Holdings of daily and weekly liquid assets consistent with shareholder profile and concentration;

--The capabilities and resources of J. P. Morgan Investment Management Inc.

PORTFOLIO CREDIT QUALITY/DIVERSIFICATION

The fund seeks to maintain a diversified, high credit quality portfolio consistent with Fitch's criteria for 'AAAmmf' rated money market funds (MMFs) by investing in highly rated securities with limited exposure to individual issuers.

The fund may lend money for short-term temporary purposes to other J. P. Morgan funds, subject to meeting the conditions of an SEC exemptive order granted to the fund permitting such interfund lending.

MATURITY PROFILE

The fund seeks to limit interest rate and spread risk by maintaining a weighted average maturity (WAM) below 60 days and a weighted average life (WAL) below 120 days. As of Oct. 4 2016, the fund's WAM and WAL were 32 days and 98 days, respectively.

LIQUIDITY PROFILE

The fund seeks to maintain sufficient levels of daily and weekly liquidity to meet investors' flows. At a minimum, the fund seeks to maintain 10% of its portfolio in daily liquid assets and 30% in weekly liquid assets. As of Oct. 4, 2016, the fund's daily and weekly liquid assets were 47% and 63%.

FUND OBJECTIVE

The fund seeks high current income with liquidity and stability of principal.

INVESTMENT ADVISOR

The fund's investment adviser is J. P. Morgan Investment Management Inc. Fitch views J. P. Morgan Investment Management Inc.'s investment advisory capabilities, financial and resource commitments, operational controls, corporate governance and compliance procedures as consistent with the 'AAAmmf' rating assigned to the funds.

RATING SENSITIVITES

The rating may be sensitive to material changes in the credit quality, market risk, and/or liquidity profiles of the fund. Temporary deviations from metrics outlined in Fitch's criteria need not automatically result in a rating change, provided the fund manager is able to address them with credible near-term remedial actions. However, material adverse and continued deviations from Fitch's guidelines for any key rating driver may lead to the rating being placed on Rating Watch Negative or downgraded.

SURVEILLANCE

Fitch receives fund holdings information and other pertinent data from the fund in order to conduct surveillance and to maintain the rating.