Fitch Ratings has affirmed
The fund is managed by
KEY RATING DRIVERS
The affirmation is driven by the fund's credit and market risk profiles. The ratings also reflect the capabilities and resources of
Credit Quality
The fund's weighted average rating factor (WARF), which is Fitch's proprietary measure of credit quality under its Bond Fund Rating Criteria, met the 'AAAf' rating range of 0.0-0.3. The fund's WARF was 0.12 at
The fund invests in a diversified portfolio of assets, typically comprising securities, instruments and obligations issued or guaranteed by the
Market Risk
The fund's 'S1' Fund Market Risk Sensitivity Rating indicates very low sensitivity to market risk. The fund's market risk factor, which is Fitch's proprietary measure of market risk sensitivity under its Bond Fund Rating Criteria, was within the 'S1' market risk sensitivity rating range.
The fund's weighted average maturity (WAM), which measures sensitivity to interest-rate risk, and weighted average life (WAL), which measures sensitivity to spread risk, were in line with the fund's investment guidelines. The fund maintains a WAM of no more than 397 days and a WAL of no more than two years.
Fund Profile
Fitch views the legal and regulatory frameworks of the fund as satisfactory. The fund is a sub-fund of the umbrella fund, Federated Hermes Cash Management Funds , a
The fund's investment objective is to provide investors with stability of capital and income through investment in short term fixed income and variable rate securities.
As of
INVESTMENT MANAGER
The fund is managed by
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive rating action/upgrade:
The fund is rated at the highest possible rating level and therefore cannot be upgraded.
Factors that could, individually or collectively, lead to negative rating action/downgrade:
Fitch's stress testing of the fund shows that fund's credit quality and market risk profiles are robust at their current levels.
The ratings may be sensitive to material adverse changes in the fund's credit quality or market risk profile. A material adverse deviation from Fitch's guidelines for any key rating drivers could cause Fitch to downgrade the ratings. The fund could be downgraded if the WARF is consistently above its rating range of 0.3, or MRF above 2.0.
RATING ACTIONS
Entity / Debt
Rating
Prior
Fund Cr
AAAf
Affirmed
AAAf
Sensitivity
S1
Affirmed
S1
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Additional information is available on www.fitchratings.com
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