Credit-Based Asset Servicing and Securitization LLC (C-BASS) and lead underwriter Credit Suisse First Boston were glowing last Monday on the news that Fitch Ratings had upgraded several tranches on C-Bass CBO Ltd 1, a rare event in the sector.

"The fact that the double-B's were upgraded to triple-B in this deal is impressive," noted a market source. C-Bass retains all of the non-investment grade tranches including the equity in its CDOs because the firm uses the transactions as a source of financing for its business.

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