Several ratings where revised in the review of seven cash products and three enhanced cash products.
The peer group's benchmark, the UBS Bank Bill Index, returned 7.60 per cent in 2008 and pure cash funds performed well in relation.
"However, while the broader enhanced cash category delivered disappointing results, the three enhanced cash funds rated by S&P fared better than the broader universe due to maintenance of high credit quality assets and enhancement through duration strategies," S&P said.
The Colonial First State - Wholesale Cash Fund was revised to five stars from four.
Vanguard's Cash Reserve Fund, not rated previously, was given four stars.
Macquarie's Cash Management Trust was revised to three stars from four.
The five-star Goldman Sachs JBWere Cash Trust and four-star-rated funds, including the Perpetual Exact Market Cash Fund, UBS Cash Fund, Macquarie ADF Super - Super/Rollover Fund and Dimensional - Short Term Fixed Interest Trust kept their ratings.
Sandhurst's Cash Common Fund and the Vanguard Cash Plus Index Fund kept their three-star ratings.
