The fund rating was placed on hold on 12 February this year after the departure of the fund's portfolio manager, Tim Hannon.
"S&P's concerns about the manager's ongoing commitment to the asset class and this fund have not been allayed since our previous rating action," S&P analyst Peter Ward said.
"The manager's request for the withdrawal of the fund rating is considered a further indicator of the manager's diminished commitment to the property securities investment capability at a time when the AREIT (Australian real estate investment trust) sector is experiencing an extremely challenging period."
