BAKU, Azerbaijan, November 13. Fitch Ratings
has affirmed the 'AAAmmf' rating of Georgia Fund 1 Prime, the
highest rating under the agency's money market fund scale.


The rating indicates an extremely strong capacity to preserve
principal and provide liquidity by limiting credit, market and
liquidity risks.


According to Fitch, the rating reflects the fund's investment
guidelines, credit quality, portfolio diversification, maturity
parameters and liquidity profile, as well as the capabilities of
its investment manager.


The fund's Portfolio Credit Factor (PCF), a risk-weighted
measure of the credit quality and maturity profile of its
securities, stood at 1.25. This is below the maximum threshold of
1.50 required for funds rated 'AAAmmf'.


The fund's weighted average maturity (WAM) was 50 days, while
its weighted average life (WAL) stood at 80 days, compared with
Fitch's respective limits of 60 and 120 days.


The fund also maintained daily liquid assets at 22% of total
assets and weekly liquid assets at 34%. Both figures exceeded
Fitch's minimum requirements of 10% and 30%, respectively.


Georgia Fund 1 Prime is a local government investment pool
(LGIP) operating in a manner similar to a money market fund. It is
managed by Federated Investment Counseling, a wholly owned
subsidiary of Federated Hermes, Inc.







As of June 30, 2026, Federated Hermes had $884 billion in assets
under management, according to Fitch.


The agency added that a material and sustained deterioration in
the fund's credit quality, market risk or liquidity profile could
lead to a downgrade.


Notably, Georgia Fund 1 Prime is part of the Local Government
Investment Pool (LGIP) Trust, administered by the Georgia Office of
the State Treasurer. The trust comprises four investment offerings
designed for different categories of public-sector participants,
including local governments and state agencies. These include
Georgia Fund 1, the primary liquidity pool; Georgia Fund 1 Prime,
which provides local governments with an opportunity to seek higher
yields; Georgia Fund 1 Plus, which manages state and state agency
funds; and Georgia Extended Asset Pool Plus, which focuses on
principal preservation through target-maturity investments.


As of March 31, 2026, the four offerings held combined assets of
approximately $66 billion. Georgia Fund 1 accounted for $36.9
billion, Georgia Fund 1 Plus for $26.6 billion, Georgia Extended
Asset Pool Plus for $1.4 billion, and Georgia Fund 1 Prime for $1.1
billion. The Georgia Office of the State Treasurer reported total
assets under management of $70.5 billion across its investment
portfolios, including separately managed accounts.


A 2025 survey by the Public Funds Investment Institute found
that state-sponsored local government investment pools across 32 US
states held a combined $703 billion in assets at the end of 2025.
The survey covered 47 portfolios, with an average portfolio size of
$14.9 billion. Georgia's four-pool system therefore represents a
substantial investment structure within the US public-sector
investment market.