Press release issued by S&P Global Ratings. Download a PDF of the full release here. 

ENGLEWOOD (S&P Global Ratings) Oct. 9, 2025–S&P Global Ratings today assigned its ‘AAAm’
principal stability fund rating (PSFR) to the California Fixed Income Trust (CalFIT). We expect the
pool to launch mid-October.

The ‘AAAm’ rating is the highest PSFR we assign and indicates an extremely strong capacity to
maintain principal stability and to limit exposure to principal losses caused by credit risk. In our
view, the fund achieves this through high-quality investments, conservative investment practices,
and strict internal controls. We monitor pertinent fund information and portfolio reports on a
weekly basis.

CalFIT is a California joint powers authority that provides a professionally managed pooled
investment program for participants. The board manages the stable value pool to comply with
the requirements of California law. The pool is open to any public agency, as defined in California
government code. Its general objective is to generate additional investment income for the
participants while maintaining safety and liquidity. U.S Bank N.A. is the custodian.

In accordance with stated metrics for ‘AAAm’ PSFRs, we expect the fund will maintain a
diversified portfolio of high-quality fixed-income investments with a maximum weighted average
maturity of 60 days and a maximum weighted average life of 90-120 days.

CalFIT can invest in the obligations of the U.S. government and its agencies; state obligations;
municipal securities; asset-backed and mortgage-backed securities; commercial paper;
repurchase agreements; money market mutual funds; corporate medium term notes; negotiable
certificates of deposit; and bankers’ acceptances.

San Diego-based Chandler Asset Management (CAM) is the investment adviser and administrator
for the fund. In addition to CalFIT, CAM manages the FL SAFE Daily Liquidity Fund, rated ‘AAAm’.
As part of our qualitative evaluation of management, we considered CAM’s track record and
ability to maintain stable portfolio net asset values, including the policies that it has implemented
for this purpose. CAM is an independent and employee-owned firm specializing in investment
management for public agencies. It was established in 1988 and managed $42.4 billion in client
assets, including $37.3 billion for public-sector clients, as of June 30, 2025.