CHARLESTON, W.Va. (WVDN) – State Treasurer Larry Pack today announced that the S&P Global Ratings has once again given West Virginia’s Money Market and Government Money Market pools their highest possible rating.
S&P Global Ratings informed the state’s Board of Treasury Investments (BTI) it was reaffirming its “AAAm” rating on the West Virginia Money Market and Government Money Market pools. The AAAm rating is given to funds that demonstrate extremely strong capacity to maintain principal stability and to limit exposure to principal losses due to credit risk.
“I am proud our state’s Board of Treasury Investments has received this award multiple years in a row, reflecting the commitment to deliver a thorough and understandable financial document to our West Virginia citizens,” Treasurer Pack said. “This news reaffirms our short-term cash pools are highly stable and protected from risk. Our state’s taxpayer funds continue to be well-managed. I applaud our Board for this accomplishment and for continuing to oversee our state and local government operating funds.”
In addition, the Government Finance Officers Association has awarded the Certificate of Achievement for Excellence in Financial Reporting to the BTI for its Annual Comprehensive Financial Report (ACFR) as of June 30, 2024.
The West Virginia Money Market Pool is the state’s largest money market portfolio created to invest the majority of the state and local government operating funds. It contains roughly $8.7 billion in assets under management.
The West Virginia Government Money Market Pool is the lesser of the two funds, containing approximately $578 million. It was created to invest its monies in U.S. Treasury securities and U.S. Government Agency obligations.
Both portfolios are designed with the objective of providing participants with sufficient liquidity for cash operations while providing investment returns that are above inflation.
This year’s award marks the 19th consecutive year.
