As if the taint of having been taken by Madoff weren't bad enough, five fund of funds have now essentially been relegated to worse than cow status.

Standard & Poor's Fund Services has downgraded five fund of hedge funds (FoHFs) to the category of "not rated" because of their exposure to Madoff exposed vehicles and lax due dilligence.
The funds affected are Bonhote Alternative Multi-Arbitrage, Constantia Composite, the Constantia Low Volatility, DGC Pendulum, Dinvest Concentrated Opportunities, Dinvest Total Return and RMF Four Seasons.

Earlier: We rate every deal. It could be structured by cows and we would rate it.

Seven FoHFs downgraded by S&P [Hedge Fund Reviews]