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Announcement:

Moody's assigns a Aaa-mf rating to State Street Institutional US Government Money Market Fund

01 Feb 2017

New York, February 01, 2017 -- Moody's Investors Service ("Moody's") has assigned a Aaa-mf rating to State Street Institutional US Government Money Market Fund, as well as to its six share classes (together, "the Funds"):

State Street Institutional US Government Money Market Fund -- Premier Class

State Street Institutional US Government Money Market Fund - Investor Class

State Street Institutional US Government Money Market Fund - Administration Class

State Street Institutional US Government Money Market Fund - Investment Class

State Street Institutional US Government Money Market Fund -- Institutional Class

State Street Institutional US Government Money Market Fund - M Class

RATINGS RATIONALE

The Aaa-mf rating reflects our view of the Funds' ability to meet the primary objectives of preserving capital and liquidity. Our view is also supported by the Funds' high scores across all key rating considerations.

The Funds score high with respect to credit quality as it invests primarily in US government and agency obligations, US Treasury securities, obligations issued by US government sponsored entities as well as repurchase agreements backed by government securities. We expect the Funds to maintain high credit quality, low asset concentration and a short-weighted average maturity.

The Funds also scored high with respect to market risk exposure and liquidity. Under our net asset value stress test, the Funds' underlying portfolio exhibits relatively modest volatility. They also display a strong liquidity profile that is supported by a diverse investor base that is primarily made up of institutional clients and high levels of overnight and near-term liquidity.

The Funds are organized in a master-feeder structure in which six distinct share classes comprise one feeder fund. The feeder invests all of its investable assets and interests into the assets of the master portfolio. Our assessment and credit rating of these share classes is based on the quality of the master portfolio.

State Street Institutional US Government Money Market Fund was established in 2007 with the objective of maximizing current income, preserving capital and liquidity while maintaining a constant per share net asset value.

State Street Global Advisors Funds Management, Inc. (SSGA FM) is the investment adviser to the Fund. The company is a wholly-owned subsidiary of State Street Corporation (A1 stable) and is registered with the SEC under the Investment Advisers Act of 1940, as amended. SSGA FM and certain other affiliates of State Street Corporation make up State Street Global Advisors one of the world's largest institutional money managers and the investment management arm of State Street Corporation. As of 30 September 2016, SSGA FM managed approximately $398 billion in assets and State Street Global advisors had approximately $2.4 trillion of AUM.

The principal methodology used in these ratings/analysis was Money Market Funds published in December 2016. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Please see Moody's Rating Symbols and Definitions on the Ratings Definitions page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see Moody's Rating Symbols and Definitions on the Ratings Definitions page on www.moodys.com for further information on the time horizon in which a credit rating action may be expected after a review or outlook action took place.

Please see the ratings tab on the issuer page on www.moodys.com for the last action and the history of the rating. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com/disclosures for further information.

Please see the ratings disclosure page on www.moodys.com/disclosures for disclosures on significant Moody's shareholders and on certain relationships between Moody's, its shareholders and/or rated issuers.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Rokhaya Cisse
Analyst
Managed Investments Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Marc R. Pinto, CFA
MD - Financial Institutions
Managed Investments Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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