CSAFE Credit Rating
Colorado Surplus Asset Fund Trust received its AAAm rating from Standard & Poor’s Corporation (S&P) in 1995. S&P has two types for LGIPs 1) principal stability fund ratings for stable value funds and 2) fund credit quality rating for variable net asset value funds. This type of fund also carries a volatility rating component.
CSAFE is strictly structured as stable value investment pool (structured to maintain a net asset value of $1.00 per share). Thus, the principal stability fund rating is applicable to CSAFE. The highest credit rating for this type of rating is AAAm.
In order to maintain its AAAm credit rating, CSAFE must follow the strict investment parameters of S&P. This includes diversification and maturity restriction elements. Each week, a detailed portfolio report must be submitted to S&P similar to the attached report (S&P Surveillance Report). In addition, as part of this process each security must be independently priced by its Custodian, US Bank.
Credit Rating Reports
The S&P rating profile for the CSAFE Cash Fund, dated March 25, 2021 can be accessed here. For additional general information concerning S&P and its rating process, please go to http://sandp.com.
The Fitch Ratings profile for the CSAFE Core Fund, dated October 7, 2021 can be accessed here. Fitch Ratings affirmed its AAAm/S1 rating for the CSAFE Core Fund on September 2, 2021. The affirmation announcement can be accessed here. For additional general information concerning Fitch and its rating process, please go to https://www.fitchratings.com/site/fam.