Fitch Ratings upgraded one class of notes issued by collateralized bond obligation CAM CBO I last week. The class B notes totaling approximately $20.8 million were upgraded to BB from B+; the approximately $32.2 million in C notes remain rated at C.
The upgrade of the B notes reflects increased credit enhancement resulting from the deleveraging of the collateralized debt obligation's capital structure, Fitch said in a report. "Although the performing portfolio is becoming increasingly concentrated with only six non-impaired positions, the transaction holds approximately $9.5 million of principal collections. These funds will further delever the class B notes on the next payment date," Fitch said.