Ratings On Federated Cash Management Funds# Federated Sterling Cash Plus Fund Withdrawn At Management#s Request

Stocks and Financial Services Press Releases Friday April 7, 2017 17:22
PARIS--7 Apr--S&P Global Ratings

PARIS (S&P Global Ratings) April 7, 2017--S&P Global Ratings said today that it had affirmed and subsequently withdrawn its 'AAAf/S1+' fund credit quality and volatility ratings on Federated Sterling Cash Plus Fund, a sub-fund of U.K.-domiciled umbrella fund, Federated Cash Management Funds. At the same time, we have affirmed our 'AAAm' principal stability fund rating on Federated Short-Term Sterling Prime Fund, another subfund of the same umbrella fund.

We withdrew the ratings on Federated Sterling Cash Plus at the request of the   investment adviser to the sub-funds, London-based Federated Investors (UK)   LLP.
At the time of the withdrawal, the credit quality and volatility profile of the sub-fund was consistent with the criteria set out for our assigned fund credit quality and volatility ratings.

On Feb. 28, 2017, the Federated Sterling Cash Plus Fund comprised approximately £777 million in assets under management. As of today, S&P Global Ratings will no longer undertake its monthly surveillance of the credit quality and the volatility profile of this sub-fund.

The portfolio management team at Federated Investors (UK) LLP continues to be responsible for the management of one short-term money market fund, Federated Cash Management Funds – Federated Short-Term Sterling Prime Fund, which S&P Global Ratings rates 'AAAm'.

Our fund credit quality ratings, identified by the 'f' subscript, are current assessments of the overall credit quality of a fixed-income fund's portfolio. Our fund credit quality ratings range from 'AAAf' (extremely strong protection against losses from credit default) to 'CCCf' (extremely vulnerable to losses from credit defaults). Our fund volatility ratings, identified by the letter 'S', are current opinions about a fixed-income fund's sensitivity to changing market conditions. Our fund volatility ratings range from 'S1+' (lowest sensitivity) to 'S6' (highest sensitivity).

An S&P Global Ratings principal stability fund rating, also known as a "money market fund rating," is a forward-looking opinion about a fixed-income fund's capacity to maintain stable principal (net asset value) and to limit exposure to principal losses due to credit risk. When assigning a principal stability rating to a fund, S&P Global Ratings' analysis focuses primarily on the creditworthiness of the fund's investments and counterparties, and also its investments' maturity structure and management's ability and policies to maintain the fund's stable net asset value. Principal stability fund ratings, or money market fund ratings, are identified by the 'm' suffix (e.g., 'AAAm')   to distinguish the principal stability rating from an S&P Global Ratings traditional issue or issuer credit rating.

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