Fitch Affirms BNY Mellon U.S. Dollar Liquidity Fund at 'AAAmmf'

  Fitch Affirms BNY Mellon U.S. Dollar Liquidity Fund at 'AAAmmf'

Business Wire

NEW YORK -- January 18, 2013

Fitch Ratings has affirmed the 'AAAmmf' rating assigned to the BNY Mellon U.S.
Dollar Liquidity Fund, an Ireland domiciled prime money market fund (MMF)
managed by the Dreyfus Corporation.

As of Dec. 25, 2012, the fund held approximately $8.4 billion in assets under
management.

KEY RATING DRIVERS

-- The fund's high overall credit quality and diversification;

-- Short maturity profile;

-- Minimal exposure to interest rate and spread risks;

-- Conservative daily and weekly liquidity profile;

-- The capabilities and resources of Dreyfus Corporation as investment
advisor.

The 'AAAmmf' money market fund rating reflects the fund's extremely strong
capacity to achieve the investment objectives of preserving principal and
providing shareholder liquidity through limiting credit, market and liquidity
risk.

FUND CREDIT QUALITY/DIVERSIFICATION

The fund invests its portfolio in dollar denominated high quality short-term
assets, including government and agency securities, bank deposits, commercial
paper and asset-backed commercial paper, floating-rate notes issued by
financial and non-financial corporations and repurchase agreements rated at
least 'F1' or equivalent.

As of Dec. 25, 2012, the fund's Portfolio Credit Factor (PCF), which is the
Fitch's metric to assess portfolio credit quality of prime MMFs, was 0.87 and
met 'AAAmmf' criteria of 1.50. The PCF recognizes the two-dimensional nature
of investment risks in terms of credit quality and maturity with a higher
score representing increasing risk.

Fitch views the investment policies and repurchase agreement practices
applicable to the fund as consistent with the 'AAAmmf' rating criteria.

MATURITY PROFILE

The fund seeks to limits interest rate exposure and spread risk by limiting
its weighted average maturity (WAM) and weighted average life (WAL) to 60 days
and 120 days, respectively. As of Dec. 25, 2012, the fund had a WAM of 41 days
and a WAL of 49 days.

LIQUIDITY PROFILE

The fund's additional investment restrictions are aimed at maintaining
sufficient levels of daily and weekly liquidity to meet investors' redemption
requests. The fund is a member of the Institutional Money Market Funds
Association (IMMFA), a trade association which represents the European
triple-A rated MMF industry and outlines certain investment and operational
parameters and other codes of conduct for its member funds.

Per the fund's investment policy and consistent with the Fitch's 'AAAmmf'
rating criteria, the fund invests at least 10% of total assets in daily liquid
securities, and at least 30% of total assets in weekly liquid securities. As
of Dec. 25, 2012, the fund's liquidity profile was in line with these
parameters.

FUND OBJECTIVES

The fund's investment objective is to provide investors with as high a level
of current income in U.S. dollar terms as is consistent with the preservation
of capital and the maintenance of liquidity.

INVESTMENT ADVISOR

The Dreyfus Corporation serves as investment advisor to the funds. The Dreyfus
Corporation, established in 1951 and headquartered in New York, NY, currently
manages more than $400 billion in mutual funds and separately managed
accounts. BNY Mellon Investment Management is one of the world's leading
investment management organizations and one of the top U.S. wealth managers.
It encompasses BNY Mellon's affiliated investment management firms, wealth
management services and global distribution companies. BNY Mellon is a global
financial services company operating in 36 countries and serving more than 100
markets. It has $27.9 trillion in assets under custody and administration and
$1.4 trillion in assets under management. BNY Mellon is the corporate brand of
the Bank of New York Mellon Corporation.

Fitch views the Dreyfus Corporation's investment advisory capabilities,
resource commitment, operational controls, corporate governance, and
compliance procedures as consistent with the ratings assigned to the funds.

RATING SENSITIVITY AND SURVEILLANCE

The rating may be sensitive to material changes in the credit quality or
market risk profile of the fund. A material adverse deviation from Fitch
guidelines for any key rating driver could cause the rating to be lowered by
Fitch. Furthermore, the fund's ratings may be sensitive to material adverse
changes in the financial sector globally given its significant exposures to
financial institutions.

Fitch receives weekly fund holdings information and other pertinent fund data
from the fund's administrator to conduct surveillance against rating
guidelines and maintain its money market fund rating.

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 Dreyfus Corporation.

Applicable Criteria and Related Research:

-- 'Global Money Market Fund Rating Criteria' (March 29, 2012);

-- '2013 Outlook: Global Money Market Funds' (Dec. 12, 2012).

Applicable Criteria and Related Research:

Global Money Market Fund Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=674748

2013 Outlook: Global Money Market Funds
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=696412

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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
Viktoria Baklanova, Ph.D, CFA, +1-212-908-9162
Senior Director
Fitch Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Alastair Sewell, +44 20 3530 1147
Director
or
Committee Chairperson
Ian Rasmussen, +1-212-908-0232
Senior Director
or
Media Relations
Brian Bertsch, +1-212-908-0549 (New York)
brian.bertsch@fitchratings.com