Deerfield Capital Corp. has withdrawn its asset management subsidiary, Deerfield Capital Management (DCM), from Fitch Ratings' CDO Asset Manager (CAM) rating program.
The CDO manager's decision to leave the Fitch CAM rating program was a result of the company's near-term outlook for new issuance in the CLO market, a market that is the principal user of the CAM rating system, as well as its decision that the program does not justify the added expense of maintaining the rating.
Deerfield continues to monitor the prospects for new CLO issuance and might contract with Fitch to be re-rated if market conditions warrant.
