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W.Va. Treasurer: S&P affirms W.Va. Board of Treasury Investments’ pools AAA rating

CHARLESTON, W.Va. – The West Virginia Board of Treasury Investments, which manages two money market pools for state and local governments, has had those pools’ AAAm ratings affirmed by the nationally known statistical ratings organization Standard & Poor’s.

The AAAm rating assigned by Standard & Poor’s indicates that the pools demonstrate an extremely strong capacity to maintain principal stability and to limit exposure to principal losses due to credit risk. A rating of AAAm is the highest principal stability fund rating assigned by Standard & Poor’s.

State agencies with investment authority and any political subdivision can invest in the fund. A political subdivision is defined as a county, municipality or any agency, authority, board, county board of education, commission or instrumentality of a county or municipality or a regional council created pursuant to the provisions of state code.

In contrast to the BTI’s third investment pool, the West Virginia Short-Term Bond Pool, the two money market pools allow for daily contributions and withdrawals. The Short-Term Bond Pool allows for only monthly contributions and withdrawals.  Additionally, the two money market pools maintain a stable $1 per share price while the per share price of the Short-Term Bond Pool varies month to month.The West Virginia Board of Treasury Investments’ staff and professional investment advisors (UBS Global Asset Management and Federated Investors) provide guidance. Easy access to BTI accounts is provided through the State Treasurer’s Office online system.

This is not the first time the BTI has been given the AAAm rating by Standard & Poor’s, nor the first time it has been honored otherwise.

For instance, the TRACS Financial Public Interest Report ranked the BTI fifth and sixth in the nation for calendar years 2019 and 2018 for its West Virginia Money Market Pool performance. TRACS monitors performance and returns for nationwide state money market pools.

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