Is S&P downsizing?
The talk in the market is that Standard & Poor's will close its Australian investment-fund rating and research business.S&P is said to have tried to sell the business last year but could not find a buyer. It may announce the closure of the business this week.S&P got into the fund rating business about seven years ago when it bought an investment management research company, Assirt.Its fund-rating service competes with van Eyk, Morningstar, Lonsec and Zenith.The company is not expected to make changes to any of its corporate, financial institutions, sovereign or structured-finance rating activities.S&P issued a standard "no comment" in response to inquiries.