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Fitch reaffirms 'AAAF/S1' county investment pool rating

SAN DIEGO – San Diego County Treasurer-Tax Collector Dan McAllister announced that Fitch Ratings reaffirmed the 'AAAf/S1' rating on the San Diego County Investment Pool.

This marks the 23rd year in a row the investment pool has received a 'AAAf/S1' rating, which is the highest rating category. The 'AAAf' rating reflects the investment portfolio's vulnerability to losses as a result of defaults in its bond holdings and is based on the actual and expected credit quality of the portfolio's investments.

The 'S1' Fund Market Risk Sensitivity Rating reflects the relative sensitivity of the portfolio's total return to changes in interest rates. Fitch Ratings indicated the strong management and operational capabilities of the San Diego County Treasurer-Tax Collector's office.

"Our investment pool reached $15.2 billion in public funds last April, thanks to the diligent management by our investment team," said McAllister. "They value three principles: safeguarding the principal of the invested funds, meeting the liquidity needs of our pool participants, and achieving an investment return within the parameters of prudent risk management."

"The AAA rating reflects the diligent work being done by the Treasurer-Tax Collector's office on behalf of San Diego taxpayers," said Supervisor Nathan Fletcher, chair of the county Board of Supervisors. "The Fitch rating is an important and critical evaluation of the County's fiscal stability and outlook. The County works hard to manage finances wisely, and that is reflected in this rating."

The Treasurer-Tax Collector's team invests the funds in high quality fixed income securities on behalf of the pool's participants, who use the money for the operational and capital needs of their agencies.

Currently, over 200 public agencies in the San Diego region invest in the pool, including all 42 public school districts, five community college districts, the San Diego Regional Airport Authority, SANDAG, MTS, and other public agencies such as cities, fire, and water districts.

In addition to the team of full-time investment professionals in the Treasury, a nine-member oversight committee comprised of county, school, and public agency officials and five public members reviews the county's investment policy statement annually.

Submitted by the San Diego Treasurer/Tax Collector's office.

 

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