Fitch Affirms Three Invesco Money Market Funds at 'AAAmmf'

Published: 2026-05-08 08:38:18 ET IVZ

Published on 05/08/2026 at 08:38 am EDT

Fitch Ratings has affirmed the following money market funds managed by Invesco Asset Management Limited (Invesco Advisers for US Dollar Fund), at 'AAAmmf'.

Invesco Liquidity Funds Plc - Invesco Euro Liquidity Portfolio

Invesco Liquidity Funds Plc - Invesco Sterling Liquidity Portfolio

Invesco Liquidity Funds Plc - Invesco US Dollar Liquidity Portfolio

KEY RATING DRIVERS

The affirmation of the MMF ratings is driven by the funds' high credit quality and diversification, high levels of daily and weekly liquid assets and low exposure to interest-rate and spread risks. The ratings also reflect the capabilities and resources of Invesco Asset Management Limited as investment managers.

CREDIT RISK

The funds' Portfolio Credit Factor (PCF), a risk-weighted measure of the portfolio securities' credit quality and maturity profile, remained within Fitch's 'AAAmmf' rating criterion of 1.5 or below throughout the review period. Invesco US Dollar Liquidity Portfolio experienced two temporary breaches, with the PCF rising above 1.5. However, subsequent surveillance showed reduced exposure and a return to normal PCF levels.

LIQUIDITY RISK

The funds had at least 10% of total assets in securities offering daily liquidity and at least 30% of total assets in securities providing weekly liquidity, consistent with the 'AAAmmf' rating range, throughout the review period.

MARKET RISK

The funds' weighted average maturity and weighted average life were below 60 days and 120 days (the 'AAAmmf' rating range), respectively, throughout the review period.

FUND PROFILE

Fitch considers the legal and regulatory framework of the funds satisfactory. The funds are sub-funds of the umbrella fund, Invesco Liquidity Funds Plc, an open-ended investment company that falls under the UCITS directive and is domiciled in Ireland. The funds are authorised and supervised by the Central Bank of Ireland as low volatility net asset value money market funds as defined in Regulation (EU) 2017/1131.

The funds' investment objective is to maximise income consistent with the preservation of principal and liquidity and to aim to provide a return in line with money market rates.

INVESTMENT MANAGER

The funds are managed by Invesco Asset Management Limited (A/Stable). Invesco Ltd. had USD 2.17 trillion in assets under management as of December 2025, including USD189.7 billion in money market products. Fitch considers Invesco Asset Management Limited, to be suitably qualified, competent and capable of managing the funds.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade

Fitch's stress-testing shows that the ratings are robust. The ratings may be sensitive to material adverse changes in the credit quality, market risk or liquidity profile of the funds. A material adverse and sustained deviation from Fitch guidelines for any key rating drivers could cause the ratings to be downgraded.

Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade

The funds are rated at the highest possible rating level and therefore cannot be upgraded.

RATING ACTIONS

Entity / Debt

Rating

Prior

Invesco Liquidity Funds Plc - Invesco Sterling Liquidity Portfolio

MMF

AAAmmf

Affirmed

AAAmmf

Invesco Liquidity Funds Plc - Invesco Euro Liquidity Portfolio

MMF

AAAmmf

Affirmed

AAAmmf

Invesco Liquidity Funds Plc - Invesco US Dollar Liquidity Portfolio

MMF

AAAmmf

Affirmed

AAAmmf

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VIEW ADDITIONAL RATING DETAILS

Additional information is available on www.fitchratings.com

APPLICABLE CRITERIA

Money Market Fund Rating Criteria (pub. 27 Jul 2024)

ADDITIONAL DISCLOSURES

Solicitation Status

Endorsement Policy

ENDORSEMENT STATUS

DISCLAIMER & DISCLOSURES

All Fitch Ratings (Fitch) credit ratings are subject to certain limitations and disclaimers. Please read these limitations and disclaimers by following this link: https://www.fitchratings.com/understandingcreditratings. In addition, the following https://www.fitchratings.com/rating-definitions-document details Fitch's rating definitions for each rating s

Solicitation Status

The ratings above were solicited and assigned or maintained by Fitch at the request of the rated entity/issuer or a related third party. Any exceptions follow below.

Fitch's solicitation status policy can be found at www.fitchratings.com/ethics.

Endorsement Policy

Fitch's international credit ratings produced outside the EU or the UK, as the case may be, are endorsed for use by regulated entities within the EU or the UK, respectively, for regulatory purposes, pursuant to the terms of the EU CRA Regulation or the UK Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019, as the case may be. Fitch's approach to endorsement in the EU and the UK can be found on Fitch's Regulatory Affairs page on Fitch's website. The endorsement status of international credit ratings is provided within the entity summary page for each rated entity and in the transaction detail pages for structured finance transactions on the Fitch website. These disclosures are updated on a daily basis.