Fitch Ratings yesterday withdrew the CAM2CDO 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 Capmarks 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 Financials 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 firms 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.