Issuer requests the “Liquidity Assessment” – The issuer files a formal, written request to S&P Global Ratings, providing the required information as indicated below under review and assessment.
Review and Assessment – S&P Global Ratings’ analysts review the information, conduct management meetings with the issuer’s investment personnel and/or sub-advisers, and issue the assessment.
The information that S&P Global Ratings evaluates for a Liquidity Assessment includes:
• Biographies of treasury staff & portfolio management staff,
• Liquidation procedures letter,
• Portfolio holdings report,
• Month-end balances of fixed-income portfolios, and
• Investment policy related to fixed-income portfolios and other eligible assets.
Surveillance – To maintain an ongoing assessment of the issuer’s liquidity profile, S&P Global Ratings monitors key information related to the fixed-income portfolios, including the available liquid assets, on a monthly basis. S&P Global Ratings also conducts an annual management review to identify any changes in management, policy, strategy, and operations.