Fitch Affirms 2 Invesco Government Money Market Funds at 'AAAmmf'

  Fitch Affirms 2 Invesco Government Money Market Funds at 'AAAmmf'

Business Wire

NEW YORK -- June 08, 2012

Fitch Ratings has affirmed its 'AAAmmf' ratings on the following two money
market funds (MMFs) managed by the Invesco Advisers, Inc. (Invesco):

--Short-term Investments Trust Treasury Portfolio at 'AAAmmf';

--Short-term Investments Trust Government & Agency Portfolio at 'AAAmmf'.

The affirmed ratings reflect the funds' extremely strong capacity to achieve
their investment objective of preserving capital and providing shareholder
liquidity through limiting credit, market and liquidity risks.

KEY RATING DRIVERS:

The main drivers of the rating affirmations are:

--The funds' credit quality;

--Short maturity profiles;

--Minimal exposure to interest rate and spread risk;

--The capabilities and resources of Invesco as investment advisor.

As of May 24, 2012, Treasury Portfolio and Government & Agency Portfolio had
$15.5 billion and $7.8 billion in assets under management, respectively.

FUNDS' CREDIT PROFILES

Both funds seek to maximize current income to the extent consistent with
preservation of capital and liquidity and the maintenance of a stable $1.00
per share net asset value. Treasury Portfolio invests in direct obligations of
the U.S. Treasury and repurchase agreements backed by Treasury obligations.
Government & Agency Portfolio invests in direct obligations of U.S. Treasury
and government agency securities and repurchase agreements back by such
securities.

Consistent with Fitch's 'AAAmmf' rating criteria, the funds enter repurchase
agreement transaction with counterparties rated at least 'A/F1' by Fitch or
equivalent. The funds limit their exposure to an individual counterparty to
25% of their assets.

MATURITY PROFILES

The funds seek to manage their market risk exposures by limiting their
weighted average maturity (WAM) and weighted average life (WAL) to 60 and 120
days, respectively. As of May 24, 2012, Treasury Portfolio had both WAM and
WAL of 46 days; Government & Agency Portfolio had a WAM of 40 days and a WAL
of 60 days.

LIQUIDITY PROFILES

The funds invest at least 10% of their assets in daily liquid securities and
at least 30% of their assets in weekly liquid securities. As of May 24, 2012,
the funds fully met these liquidity requirements.

INVESTMENT ADVISOR

Invesco is a wholly owned, indirect subsidiary of Invesco Ltd. (NYSE: IVZ)
which is rated 'BBB+' by Fitch. Invesco Ltd. is a leading independent global
investment manager that operates under the Invesco, Invesco Trimark, Invesco
Perpetual, and Atlantic Trust, WL Ross and Co., and Invesco PowerShares
investment centers, managing assets on behalf of institutions and individuals
worldwide through a variety of equity, fixed income, cash management and
alternative investment products.

As of April 30, 2012, Invesco Ltd. has approximately $668.4 billion in assets
under management. Fitch views Invesco Ltd.'s investment advisory capabilities,
financial and resource commitments, operational controls, corporate
governance, and compliance procedures as consistent with the 'AAAmmf' ratings
assigned to the funds.

RATING SENSITIVITY AND SURVEILLANCE

The rating may be sensitive to material changes in the credit quality, market
or liquidity risk profiles of the fund. A material adverse deviation from
Fitch guidelines for any key rating driver could cause the rating to be
lowered by Fitch, including adverse changes in shareholder concentration
and/or increase in unanticipated cash outflows. Given the portfolio's primary
investment focus on domestic and foreign issuers in the financial sector, the
ratings may also be sensitive to material adverse changes in the sector
globally.

Fitch expects to receive weekly portfolio holdings information from the fund's
administrator to conduct surveillance against ratings guidelines and maintain
its money market fund rating. Surveillance and analytical information on this
fund is expected to be available in the Funds Surveillance section of Fitch's
website (www.fitchratings.com, Surveillance > Funds) in the near future.

Additional information is available at 'www.fitchratings.com'. The ratings
above were solicited by, or on behalf of, the issuer, and therefore, Fitch has
been compensated for the provision of the ratings.

The sources of information used to assess this rating were the public domain
and Invesco.

Applicable Criteria and Related Research:

--'Global Money Market Fund Rating Criteria', March 29, 2011;

--'U.S. Money Market Funds Sector Update: First-Quarter 2012', April 16, 2012.

Applicable Criteria and Related Research:

Global Money Market Fund Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=674748

U.S. Money Market Funds Sector Update: First-Quarter 2012

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=676074

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING
DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S
PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND
METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF
CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL,
COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM
THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Contact:

Fitch Ratings
Primary Analyst:
Gwen Fink-Stone, +1-212-908-9128
Associate Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst:
Viktoria Baklanova, CFA, +1-212-908-9162
Senior Director
or
Committee Chairperson
Ralph Aurora, +1-212-908-0528
Senior Director
or
Media Relations
Brian Bertsch, New York, +1-212-908-0549
brian.bertsch@fitchratings.com
 
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