The funds were all initially rated between late 2007 and mid-2008, but subsequently placed on hold in August 2008 after the funds suspended redemptions.
"The ability of these funds to make withdrawal offers is dependent on a number of factors; most importantly the liquidity and transaction value of their underlying investments, investor sentiment and the magnitude of future investor redemption requests," S&P said.
The funds affected by the withdrawal are the Axa Australian Property Fund, Axa Wholesale Australian Property Fund and Tankstream Property Investments Fund.
S&P has already withdrawn its ratings for similar funds offered by BlackRock.
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