INVEST, with $1.3 billion in assets, receives ‘AAAm’ rating from S&P Global Ratings
Harrisburg, PA - Pennsylvania Treasurer Stacy Garrity announced today that Treasury’s INVEST Program – an investment tool designed for local government agencies and nonprofit organizations – has again received the highest credit rating possible, AAAm, from Standard & Poor’s Global Ratings (S&P).
“INVEST is a great tool which helps our local governments, schools and nonprofits safely reach their financial goals. S&P’s affirmation of INVEST’s rating shows that our investment team is doing a fantastic job to benefit every program participant. I hope this news encourages more organizations to use INVEST to strengthen their finances and advance their missions.”
Pennsylvania State Treasurer, Stacy Garrity
Treasury’s INVEST program is designed specifically for local government entities and nonprofit organizations like townships, counties, school districts, volunteer fire companies, libraries and others. The program, similar in concept to money market funds, offers two pools with daily liquidity and no minimum balance requirements. There are also periodic custom investment opportunities for longer-term needs.
INVEST portfolios are managed by Treasury’s investment staff, which also oversees the investment and custody of more than $150 billion in public funds.
According to S&P, “A fund rated ‘AAAm’ demonstrates extremely strong capacity to maintain principal stability and to limit exposure to principal losses due to credit risk. ‘AAAm’ is the highest principal stability fund rating assigned by S&P Global Ratings.”
INVEST has been in operation for more than 30 years. Currently, more than 260 entities use the program, which has assets totaling about $1.3 billion.