S&P withdraws property funds ratings
A number of property funds have had their ratings withdrawn by Standard & Poor’s (S&P) at the request of the fund managers.
S&P has withdrawn ratings on three of Macquarie’s property funds, as well as the Cromwell Phoenix Property Securities Fund (which had been placed on hold).
Of Macquarie’s funds, two — the Direct Property Wholesale Fund and the Direct Property Fund — were previously ‘on hold’, while the Macquarie Property Income Fund was revised from a three-star rating.
According to a spokersperson, Macquarie is not accepting applications for the Direct Property funds, while the Property Income Fund's research is not being renewed.
In the case of Cromwell's fund, a spokesperson said the manager simply chose to retain the services of only one research house, Lonsec, due to the expense of the research overall. The spokersperson added that, despite less than favourable reviews of the sector in recent months, Cromwell's Pheonix fund has performed well.
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