Three fund managers have S&P ratings withdrawn on direct and hybrid property funds
AXA, BlackRock and Tankstream have all had their Standard and Poor’s (S&P) ratings withdrawn on direct and hybrid property funds.
All three managers had suspended redemptions and/or applications of the funds in 2008 and consequently placed their funds ‘on hold’ in August last year.
AXA’s Australian Property Funds are currently closed to new applications and redemptions while BlackRock Combined Property Income Funds (classes C and D) are illiquid and, therefore, closed to redemptions but still receiving applications.
The Tankstream property investments fund is also still open to applications, but operates under a limited quarterly withdrawal facility.
The threshold for the withdrawal facility was not met for the quarters ending December 2008 and March 2009, so investors were unable to redeem from the fund.
S&P said the rating withdrawals coincide with the completion of S&P’s surveillance of the funds and the managers’ decisions not to have the funds re-rated.
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