OREANDA-NEWS. Fitch Ratings has assigned an 'AAAmmf' rating to First American Government Obligations Fund, a registered 2a-7 money market fund managed by U.S. Bancorp Asset Management, Inc.

KEY RATING DRIVERS
The 'AAAmmf' rating assignment 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;
--Maturity profile consistent with Fitch's 'AAAmmf' rating criteria;
--The capabilities and resources of U.S. Bancorp Asset 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 MMFs, by investing exclusively in first-tier rated securities with limited exposure to individual issuers.

The Fund's Portfolio Credit Factor (PCF) is in line with Fitch's 'AAAmmf' rating criteria of 1.50 or less. The PCF is a risk-weighted measure of a fund's portfolio assets that accounts for the credit quality and maturity profile of a fund's portfolio.

MATURITY PROFILE
The fund seeks to limit interest rate and spread risk by maintaining weighted average maturity (WAM) and weighted average life (WAL) below 60 days and 120 days, respectively. As at Feb. 29, 2016, the fund's WAM and WAL were 35 days and 97 days, respectively.

LIQUIDITY PROFILE
The fund seeks to maintain sufficient levels of daily and weekly liquidity to meet investors' flows. Specifically, the fund invests at least 10% of its total assets in securities offering daily liquidity, and at least 30% in securities maturing within seven days or other qualifying liquid assets.

FUND OBJECTIVE
The fund seeks to provide current income in line with prevailing money market rates, while aiming to preserve capital consistent with these rates and to maintain a high degree of liquidity.

As of Feb. 29, 2016, the Fund's assets under management totalled $18.5 billion.

INVESTMENT ADVISOR
The fund's investment adviser is U.S. Bancorp Asset Management, Inc., a wholly owned subsidiary of U.S. Bank National Association. As of Dec. 31, 2015, USBAM had approximately $56 billion in assets under management. Fitch views U.S. Bancorp Asset 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 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 will receive fund holdings information and other pertinent fund data from the fund's administrator - U.S. Bancorp Asset Management, Inc. - to conduct surveillance against ratings guidelines and to maintain the MMF rating.