The downgrade was due to the departures of portfolio managers Chris Baker and Darko Kuzmanovic, S&P fund analyst Vesna Peroska said.
"Due to the departures, we expect the remaining team will be stretched with additional stock coverage," Peroska said.
"We hold the team and process in high regard, but we believe it is currently less than optimally resourced.
"However, the leadership, experience and continuity provided by longstanding members Dr Joanne Warner, as department head, and portfolio manager Renzo Casarotto are positives for the team."
==
==
CFS has said it was looking to make two hires to bring the team back to its full complement and it had already expanded since mid-2010 with the hire of three analysts.
