Fitch Rates Fidelity Colchester Street Trust: Government Portfolio 'AAA/V1+'

Business Wire, June 11, 2008

NEW YORK -- Fitch assigns a rating of 'AAA/V1 ' to the Fidelity Colchester Street Trust: Government Portfolio, marketed under the name Fidelity Institutional Money Market: Government Portfolio. The assigned ratings denote the lowest expectation of credit and market risks. The portfolio's capacity to meet its objectives is highly unlikely to be adversely affected by foreseeable events.

The Government Portfolio seeks to obtain as high a level of current income as is consistent with the preservation of principal and liquidity within the limitations prescribed for the fund. First launched in July 1985, the fund normally invests 80% of the fund's assets in U.S. Government securities and repurchase agreements for those securities.

The Government Portfolio is invested in compliance with industry standard regulatory requirements for money market funds with respect to the quality, maturity, and diversification of investments as well as with Fitch money market rating criteria. Weighted-average maturity of the portfolio cannot exceed 60 days.

Fitch's fund rating incorporates an opinion as to investment guidelines and practices of the portfolio's investment advisor Fidelity Management & Research Company (FMR) and sub-advisor Fidelity Investments Money Management, Inc. Fitch surveys rated money market portfolios on a weekly basis. The surveillance procedures are designed to attest that the investment quality of the rated portfolios is maintained at all times.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, 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.