Fitch Affirms 5 Dreyfus U.S. Money Market Funds at 'AAAmmf'

  Fitch Affirms 5 Dreyfus U.S. Money Market Funds at 'AAAmmf'

Business Wire

NEW YORK -- January 18, 2013

Fitch Ratings has affirmed the ratings of the following money market funds
(MMFs) managed by the Dreyfus Corporation:

--Dreyfus Cash Management at 'AAAmmf';

--Dreyfus Institutional Cash Advantage Fund at 'AAAmmf';

--Dreyfus Institutional Reserves Money Fund at 'AAAmmf';

--Dreyfus Institutional Reserves Treasury Fund at 'AAAmmf';

--Dreyfus Institutional Reserves Treasury Prime Fund at 'AAAmmf'.

Collectively, the funds held approximately $62.6 billion in assets under
management as of Dec. 25, 2012.

KEY RATING DRIVERS

--The funds' high overall credit quality and diversification;

--Short maturity profiles;

--Minimal exposures to interest rate and spread risks;

--High levels of daily and weekly liquidity;

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

The 'AAAmmf' money market fund ratings reflect the funds' extremely strong
capacities to achieve their investment objectives of preserving principal and
providing shareholder liquidity through limiting credit, market and liquidity
risk.

FUNDS CREDIT QUALITY/DIVERSIFICATION

Dreyfus Cash Management, Dreyfus Institutional Cash Advantage Fund and Dreyfus
Institutional Reserves Money Fund invest in diversified portfolios of
high-quality, U.S. dollar-denominated short-term debt securities rated at
least 'F1' by Fitch or equivalent. Portfolio investments may include U.S.
government and agency securities, bank deposits, corporate and asset-backed
commercial paper, floating-rate notes issued by financial and non-financial
corporations and repurchase agreements.

The funds only transact with repo counterparties rated at least 'A/F1' or
equivalent. The funds normally limit their exposure to individual repurchase
agreement counterparties to less than 25% of their portfolios, provided such
agreements are appropriately overcollateralized by U.S. Treasury and agency
securities. At this point, the funds only accept repo collateral consisting of
U.S. Treasury and government agency securities To date, all repurchase
agreements entered into by the funds have been conducted on an overnight
basis.

As of Dec. 25, 2012, the Portfolio Credit Factor (PCF), which is the Fitch's
metric to assess portfolio credit quality of prime MMFs, met 'AAAmmf' criteria
of 1.50 for Dreyfus Cash Management, Dreyfus Institutional Cash Advantage Fund
and Dreyfus Institutional Reserves Money Fund. The PCF recognizes the
two-dimensional nature of investment risks in terms of credit quality and
maturity with a higher score representing increasing risk. As of Dec. 25,
2012, PCFs were 0.91 for Dreyfus Cash Management Fund, 0.92 for Dreyfus
Institutional Cash Advantage Fund and 0.67 for Dreyfus Institutional Reserves
Money Fund.

Dreyfus Institutional Reserves Treasury Prime Fund invests only in U.S.
Treasury securities backed by the full faith and credit of the U.S.
government. Dreyfus Institutional Reserves Treasury Fund also invests in
repurchase agreements appropriately overcollateralized by U.S. Treasury
securities and other securities issued or guaranteed as to principal and
interest by the U.S. government.

Dreyfus Institutional Reserves Treasury Fund only transacts with
counterparties rated at least 'A/F1' or equivalent and limits its exposure to
individual repurchase agreement counterparties to less than 25% of the
portfolio. To date, all repurchase agreements have been conducted on an
overnight basis.

Fitch views the investment policies and repurchase agreement practices
applicable to the above mentioned five MMFs as consistent with the 'AAAmmf'
rating criteria.

MATURITY PROFILE

The funds seek to limit interest rate exposure and spread risk by limiting
their weighted average maturity (WAM) to 60 days and weighted average life
(WAL) to 120 days, according to the funds' prospectuses and consistent with
Fitch's 'AAAmmf' rating criteria.

The majority of the funds' assets are normally invested in securities maturing
within 397 days. Certain funds may invest in U.S. government floating-rate
securities of longer maturities provided that the interest rate on such
securities resets no less frequently than 397 days and the final maturity is
not greater than 730 days. Such holdings remain consistent with Fitch's
maturity guidelines for sovereign floating-rate notes maturing within 730
days.

LIQUIDITY PROFILE

The funds' additional investment restrictions are aimed at maintaining
sufficient levels of daily and weekly liquidity to meet investors' redemption
requests. In line with Rule 2a-7, the funds must invest at least 10% of their
total assets in daily liquid securities and at least 30% of their total assets
in weekly liquid securities. As of Jan. 10, 2012, the funds met the liquidity
requirements mandated by Rule 2a-7 and were in line with the liquidity
guidelines outlined in Fitch's 'AAAmmf' rating criteria.

FUND OBJECTIVES

Each of the funds seeks high current income, to the extent consistent with the
preservation of capital and maintenance of liquidity, by investing in high
credit quality money market instruments. According to the funds' prospectuses,
the funds are subject to maturity, liquidity, credit quality and
diversification requirements designed to maintain a stable share price.

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 ratings may be sensitive to material changes in the credit quality or
market risk profiles of the funds. A material adverse deviation from Fitch
guidelines for any key rating driver, including single issuer exposure, could
cause the rating to be lowered by Fitch.

Furthermore, the ratings of Dreyfus Cash Management, Dreyfus Institutional
Cash Advantage and Dreyfus Institutional Reserves Money Fund may be sensitive
to material adverse changes in the financial sector globally given significant
exposures of these funds to financial institutions. Ratings of Dreyfus
Institutional Reserves Treasury Prime Fund and Dreyfus Institutional Reserves
Treasury Fund may be sensitive to material adverse changes in the U.S
government's financial condition and that of the broader U.S. economy given
the primary investment focus of these funds on U.S. government securities.

Fitch receives weekly fund holdings information and other pertinent fund data
from the funds' administrator to conduct surveillance against ratings
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 these ratings were the public domain
and the 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:

2013 Outlook: Global Money Market Funds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=696412

Global Money Market Fund Rating Criteria

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

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Contact:

Fitch Ratings
Primary Analyst:
Viktoria Baklanova, Ph.D, CFA
Senior Director
+1-212-908-9168
Fitch Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst:
Gwen Fink-Stone, J.D.
Associate Director
+1-212-908-9128
or
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Ian Rasmussen
Senior Director
+1-212-908-0232
or
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