The asset-backed commercial paper (ABCP) credit process for the Global Cash Management incorporates an analysis of the following
In analyzing a program, an in-depth due diligence is performed by our Credit Research team on the conduit sponsor/administrator and servicer, including a review of ratings, operations, systems and financials. Underlying assets are evaluated with respect to the following metrics: asset industry type, collateral, asset ratings, seller ratings, loss coverage and historical performance. A review of the investment guidelines, eligibility criteria and conduit structure is conducted to determine the risk tolerance of the conduit and the rights of the ABCP investor. The final element of analysis includes an assessment of the credit enhancement levels of both the underlying assets and programs, and a review of the liquidity provider. The credit decision is highly dependent on the strength of the liquidity provider (often a systemically important bank) as it is ultimately responsible for repayment of ABCP in the event of a liquidity crisis or market event.
You should obtain and read a Key Investor Information Document and Prospectus relating to the SSGA Cash funds prior to investing. Further information, including the annual and semi-annual reports and the Key Investor Information Document and Prospectus describing the characteristics, charges, expenses and risks involved in your investments are available for residents of countries where SSGA cash funds are authorized for sale, at www.ssga.com/cash and from your local SSGA office or by calling +44 (0)20 3395 2333.
Investing involves risk including the risk of loss of principal. It is possible to lose money by investing in the funds.
Before investing, carefully consider a fund's investment objectives, risks, charges and expenses. Click the link to obtain a prospectus which contains this and other information, or by calling +44 (0)20 3395 2333, please read it carefully before investing.