Fitch Affirms 2 Deutsche Investment Management Americas' Funds at 'AAAmmf'

NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed the 'AAAmmf' ratings on the following money market funds (MMFs) managed by Deutsche Investment Management Americas Inc. (DIMA):

--Daily Assets Fund Institutional;

--Investors Cash Trust Treasury Portfolio.

The affirmed ratings reflect the funds' extremely strong capacity to achieve their investment objective of preserving capital and providing shareholder liquidity through limiting credit, market and liquidity risks. The main drivers of the rating affirmations are the credit quality, diversification, maturity profile and liquidity of the fund portfolios and the capabilities and resources of DIMA as investment advisor. As of June 8, 2011, the Daily Assets Fund had $8.9 billion and the Investors Cash Trust Treasury Portfolio had $3.1 billion in assets under management.

The funds seek to maximize current income to the extent consistent with preservation of capital and liquidity and the maintenance of a stable $1.00 per share net asset value. According to the funds' prospectuses, the funds invest in line with regulatory requirements applicable to MMFs, which impose strict conditions on the quality of portfolio securities, the maturity of individual securities and the portfolio as a whole, and portfolio diversification.

The Treasury Portfolio pursues its objective by investing in direct obligations of the U.S. Treasury and repurchase agreements backed by Treasury obligations. Securities purchased by the Treasury Portfolio mature in 397 days or less. The Daily Assets Institutional Fund invests in a diversified portfolio of U.S. government securities, bank deposits, commercial paper, including asset-backed commercial paper (ABCP), short-term obligations of financial and non-financial companies, states, municipalities and other entities and repurchase agreements backed by such obligations. The fund is used as a cash management vehicle for the cash collateral received in connection with the securities lending program of the DWS funds. The credit quality of the Treasury Portfolio and the Daily Assets Fund are deemed to be consistent with Fitch's 'AAAmmf' rating criteria.

Consistent with Fitch's 'AAAmmf' rating criteria, the funds seek to maintain a high credit quality by investing exclusively in securities rated at least 'A/F1' by Fitch or equivalent. In line with the same criteria, the funds limit their exposure to individual obligors and counterparties.

The funds seek to manage their market risk exposures by limiting their weighted average maturity to reset date (WAMr) and weighted average maturity to final maturity (WAMf) to 60 and 120 days, respectively, consistent with Fitch's 'AAAmmf' rating criteria.

In line with the same Fitch's rating criteria, the funds invest at least 10% of total assets in securities maturing overnight or other qualifying assets such as U.S. Treasuries and at least 25% of their total assets in securities maturing within seven days or other qualified assets. As of June 8, 2011, the funds fully met these liquidity requirements according to portfolio holdings data available on the funds' web site.

DIMA, the fund's investment advisor, is an indirect, wholly owned subsidiary of Deutsche Bank AG (rated 'AA-/F1+' by Fitch). Deutsche Bank AG is a global banking institution that engages in a wide range of financial services, including investment management, mutual funds, retail, private and commercial banking, investment banking and insurance. Fitch views Deutsche Bank AG and DIMA's investment advisory capabilities, financial and resource commitments, operational controls, corporate governance, and compliance procedures as consistent with 'AAAmmf' rating assigned to the fund.

As of Dec. 31, 2010 DIMA had approximately $125 billion in assets under management. Fitch views DIMA's investment advisory capabilities, financial and resource commitments, operational controls, corporate governance, and compliance procedures as consistent with the 'AAAmmf' ratings assigned to the funds.

Fitch believes the current rating is very stable, and it is very unlikely to change in the foreseeable future. However, given the fund's investment mandate, the rating may be sensitive to material adverse changes for U.S. government finances and the U.S. economy. A change in Fitch's view of ownership support or a material adverse deviation from Fitch criteria for any key rating driver could also cause the rating to be lowered. For additional information about Fitch money market fund rating criteria, please review the criteria referenced below, which can be found on Fitch's web site at 'www.fitchratings.com'.

Additional information is available at 'www.fitchratings.com'.

The sources of information used to assess this rating were the public domain and Federated Investors, Inc.

Applicable Criteria and Related Research:

--'Global Money Market Fund Rating Criteria', April 4, 2011;

--'U.S. Money Market Funds Sector Update, April 14, 2011;

--'U.S. Money Fund Exposure to European Banks: Recent Developments,' March 30, 2011;

--'U.S. Money Market Funds: Repurchase Agreement Practices', Oct. 4, 2010;

--'Assessing and Comparing Risks of Money Market Funds', July 13, 2010.

Applicable Criteria and Related Research:

Global Money Market Fund Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=470368

U.S. Money Market Funds Sector Update: First-Quarter 2011

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=617526

U.S. Money Fund Exposure to European Banks Remains Significant

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=639850

U.S. Money Market Funds: Repurchase Agreement Practices

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=562906

Assessing and Comparing Risks of Money Market Funds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=537647

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.