Fitch Ratings yesterday withdrew the ‘CAM2’CDO asset manager rating assigned to Capmark Investments as a manager of CDOs backed by commercial real estate.

A ‘CAM2’ rating reflects asset manager operations demonstrating low vulnerability to operational and investment management failure.

On March 2, Fitch downgraded Capmark’s ‘CAM’ rating to ‘CAM2’ from ‘CAM1’ and, at the same time, placed it on rating watch negative, a rating which reflected the weakening financial condition of Capmark Financial Group, Capmark Investments’ parent company.

This was further demonstrated by the Feb. 26 downgrade of Capmark Financial’s issuer default rating from ‘BBB-’ to ‘BB-’ and its being placed on Rating Watch Negative.

Fitch does not believe it has sufficient information to maintain Capmark Investments’ ‘CAM’ rating at this time, as a result of the lack of future access to the firm’s senior management.

Additionally, because of the financial condition of Capmark Financial, and its subsequent impact on Capmark Investments, is still uncertain, the rating agency does not believe it has sufficient information to resolve the Rating Watch Negative status of the ‘CAM’ rating prior to withdrawal.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.