The funds affected by the measure are the EQT Spectrum Credit Opportunities Fund, AMP Small Companies Fund and Axa Wholesale Global Equity Core Fund.
The rating for the EQT fund was withdrawn after S&P had rated the fund just one star a few days earlier.
The research house said the resources dedicated to the fund were limited, while the risk framework was underdeveloped.
The withdrawal of the AMP fund rating comes after the group decided in April this year to cut its small companies analyst team and transfer the responsibilities for the management of the fund to AMP Capital Investors head of the capital team and senior portfolio manager Greg Barnes. S&P had a sell rating on the fund.
The research house also had a sell rating on the Axa Rosenberg fund.
This rating was the result of the departure of Axa Rosenberg founder Barr Rosenberg.
