Becton Diversified Property Fund rating withdrawn
Standard & Poor’s (S&P’s) Fund Services has withdrawn its rating of the Becton Diversified Property Fund. The manager has decided not to have the fund rated while capital is not being raised and the fund remains closed to redemptions.
S&P gave the fund a rating of two stars in October 2008 due to “an unsustainable distribution practice”, affirming the rating in November 2008 when it was announced applications and redemptions for the fund were to be temporarily suspended.
S&P stated that the manager believed a restructure or recapitalisation will address the challenges the fund faces, which include capital preservation and liquidity restoration. A unitholder meeting will be held on December 14, 2009 to consider constitutional changes aimed at giving the manager greater flexibility in managing the fund.
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