“Cash equivalents” means short-term, highly rated and highly liquid investments or securities that are readily convertible to known amounts of cash without penalty and so near maturity that they present insignificant risk of change in value. The term includes, without limitation, government money market mutual funds and class one money market mutual funds. As used in this section:
1. “Highly rated” means an investment rated:
(a) “P-1” by Moody’s Investor Service, Inc., or its successor organization;
(b) “A-1” by Standard and Poor’s division of The McGraw Hill Companies, Inc., or its successor organization; or
(c) An equivalent rating by a nationally recognized statistical rating organization recognized by the SVO.
2. “Short-term” means investments with a remaining term to maturity of 90 days or less.