Government Money Fund Earns Top AAAmmf Rating
Treasurers parking operating cash in government money funds get confirmation of minimal credit risk and strong daily liquidity.
Updated on Nov. 12, 2026 in Corporate Finance
Fitch Ratings affirmed the Cantor Fitzgerald Government Money Market Fund at 'AAAmmf', its highest money market fund rating, based on the fund's portfolio as of end-August 2026. The fund is managed by UBS Asset Management (Americas) LLC and is aimed at institutional and retail cash investors seeking a stable $1.00 share price.
Why it matters
Money market fund ratings signal to treasurers and cash managers how much credit and liquidity risk a fund carries, which shapes where businesses park operating cash. The affirmation reflects a fund holding essentially no credit risk, a factor that matters to operators who rely on these vehicles for short-term reserves.
The fund's portfolio credit factor is 0.00, well under the 1.50 ceiling for AAAmmf, and its daily liquid assets stand at 59% against a 10% minimum for taxable funds. UBS Asset Management, which manages the fund, reported $2.1 trillion in assets under management as of March 31, 2026.
The players
Fitch Ratings
Fitch Ratings is a global credit rating agency whose money market fund ratings give cash managers an independent view of fund credit and liquidity risk.
UBS Asset Management (Americas) LLC
UBS Asset Management is the asset management arm of UBS Group, overseeing $2.1 trillion in assets under management as of March 31, 2026.
The details
Fitch completed the rating by reviewing the fund's governing documents, investment guidelines and portfolio holdings, and it receives biweekly holdings data to monitor the fund against its money market fund criteria. The fund invests primarily in U.S. Treasury and government securities and complies with Rule 2a-7, which limits maturity and credit exposure. The 'AAAmmf' rating reflects the fund's investment guidelines, credit quality, diversification, duration parameters and liquidity profile.
Timeline
End of August 2026: portfolio holdings used in the rating analysis were dated.
March 31, 2026: date of UBS Asset Management's $2.1 trillion assets-under-management figure.
November 12, 2026: Fitch affirmed the fund's 'AAAmmf' rating.
Market Landscape
The fund's stable $1.00 target and its Treasury-heavy portfolio place it within the Rule 2a-7 framework that governs U.S. government money market funds. Its AAAmmf rating confirms it meets the credit and liquidity thresholds that define the top tier of that market.
Operators holding short-term cash should compare the fund's liquidity figures, such as its 59% daily liquid assets, against their own access needs before allocating reserves. Treasurers may want to review the fund's 33-day maturity profile against their operating cash timing, and any allocation decision is best made with a qualified accountant or financial advisor.
The takeaway
A top rating reflects credit quality and liquidity structure, not a guarantee of yield or principal in every market condition, so cash managers should read the rating alongside the fund's stated objectives. Treasurers reviewing money market funds should compare daily liquidity and maturity profiles against their own payment schedules.
Further reading
For context on how cash vehicles like this fit into business finance, explore more Corporate Finance coverage.
