Rating agency Standard & Poor's has withdrawn its credit and volatility ratings from a $1.2bn (€817m) cash fund managed by BlackRock at the asset manager's request after the fund halved in size in the past three months.

According to Standard & Poor's, the BlackRock Cash Strategies fund had $2.4bn under management on September 30, meaning it has effectively halved in size in under three months. The fund, which requires a minimum investment of $50m, launched in May 2004.