The international fixed-interest sector report covered 44 capabilities offered by 22 managers and consistency in ratings was one of the key outcomes of the review, with 34 fund ratings affirmed, one upgraded and three downgraded.
Legg Mason's Global Multi Sector Bond Trust was the only fund to be upgraded in this year's review, moving from three to four stars, while Bentham Asset Management and Pimco were the only managers to receive S&P's highest ratings, with each retaining five stars.
S&P said five-star-rated managers differentiated themselves through the quality and experience of their investment personnel and the overall depth of their investment teams.
The three funds that were downgraded were the UBS Diversified Fixed Income Fund, which went from four to three stars; the CFS First Choice Wholesale Investments - Macquarie Income Opportunities Fund, which went from four to three stars; and the CFS First Choice Wholesale Fixed Interest Fund, which went from three to two stars.
