The funds were placed on hold amid the sale of Souls' management business and while a name change to Celeste was finalised and ASIC approval was received.
The ratings were restored to the same as before management ownership changed. The Celeste Australian Small Companies Fund is rated four stars and the Celeste Australian Equity Fund is rated three stars by S&P.
Treasury Group acquired the Souls business from Washington H Soul Pattinson in November 2009, adding the boutique to its suite of asset management businesses.
A subsequent shareholders' agreement between Treasury Group and Souls resulted in the investment team taking majority ownership, with Treasury Group owning 39 per cent.
"S&P believes the new ownership structure gives the investment team more autonomy, as well as the opportunity for senior managers to have greater equity ownership in the business," S&P fund analyst Justine Gorman said.
