Credit Rating

CSAFE Credit Rating


CSAFE Cash Fund

CSAFE’s original fund (Cash Fund) has been AAA rated continuously since 1995. It is currently rated AAAmmf by Fitch Ratings. Prior to being rated by Fitch Ratings beginning in February 2022, the Cash Fund was rated AAAm by Standard & Poor’s.

The CSAFE Cash Fund is strictly structured as stable value investment pool (structured to maintain a net asset value of $1.00 per share). The AAAmmf rating assigned to the CSAFE Cash Fund indicates an extremely strong capacity to achieve the investment objectives of preserving principal and providing liquidity through limiting credit, market, and liquidity risk.

Key Ratings Drivers
Fitch Ratings continually reviews the following characteristics of the CSAFE Cash Fund and underlying portfolio.
  •  Asset Credit Quality
  • Maturity Profile
  • Liquidity Profile
  • Participant Profile

Credit Rating Reports
The Fitch Ratings credit rating announcement for the CSAFE Cash Fund as of February 1, 2022 can be accessed here.
Click here for Fitch Ratings announcement for the CSAFE Cash Fund.
Click here for Frequently Asked Questions on the conversion of the Cash Fund rating to Fitch Ratings.

CSAFE Colorado Core Fund

Fitch Ratings has rated the CSAFE Colorado Core Fund AAAf/S1 since inception in 2018.

The rating reflects Fitch's review of the fund's investment guidelines, the portfolio's credit quality and diversification, as well as the capabilities of Morgan Stanley Smith Barney, LLC. as investment advisor. The 'AAAf' FCQR indicates the highest underlying credit quality (or lowest vulnerability to default). The 'S1' rating indicates a very low sensitivity to market risk.

The Fitch Ratings credit rating announcement and fund profile for the CSAFE Core Fund can be accessed here.
Click here for the Fitch Ratings affirmation announcement for the CSAFE Core Fund.
Click here for the Fitch Ratings Profile for the CSAFE Core Fund.