SAN DIEGO, CA – San Diego County Treasurer Larry Cohen, MBA, today announced that Fitch Ratings has affirmed the County Treasurer’s Pooled Money Fund at ‘AAAf’/‘S1’, the highest possible ratings assigned under Fitch’s rating criteria. The affirmation, published on April 14, 2026, marks the 27^th consecutive year the County Investment Pool has maintained this distinction.

“This reaffirmation from Fitch underscores our unwavering commitment to safeguarding public funds and maintaining one of the strongest public investment pools in the nation,” said County Treasurer Larry Cohen. “Our team’s disciplined investment approach continues to deliver safety, liquidity, and strong credit quality for the more than 200 public agencies that rely on the pool each day.”

The Treasurer’s Pooled Money Fund supports a broad range of local public agencies, including all 42 public school districts, five community college districts, the San Diego Regional Airport Authority, SANDAG, MTS, and numerous cities, fire districts, and water districts throughout the region.

Key Highlights from Fitch’s Review:

• Highest Credit Quality: The pool’s Weighted Average Rating Factor (WARF) of 0.18 remains well below Fitch’s 0.30 threshold for an 'AAAf' rating, confirming the strong credit discipline reflected in a portfolio made entirely of investment‑grade securities.

• Strong Portfolio Diversification: The fund maintains a balanced mix of high‑quality assets, including U.S. Treasuries (22%), certificates of deposit (23%), commercial paper (16%), sovereign securities (13%), and government agencies (13%).

• Robust Liquidity: 58% of portfolio assets mature within one year, significantly exceeding the County’s policy minimum of 35%, ensuring the pool can meet participant cash‑flow needs without disruption.

• Low Market Risk Sensitivity: Fitch reported a Market Risk Factor (MRF) of 1.13, well below the 2.0 threshold for the 'S1' rating. The portfolio carries no leverage, and Fitch’s stress testing observed no material deterioration under adverse scenarios.

Fitch also noted San Diego County’s strong legal framework, annual independent audits, and oversight provided by the Treasury Oversight Committee, which reviews the Investment Policy Statement each year before Board approval. The agency cited the Treasurer’s Office’s investment management capabilities, operational controls, and compliance processes as appropriate for the assigned ratings.

“This rating is a reflection of sound stewardship, robust oversight, and the continued trust placed in our office by public agencies throughout San Diego County,” Cohen added. “We remain committed to maintaining the highest standards of transparency, accountability, and prudent financial management.”