Fitch Ratings has downgraded the CDO asset manager ratings of six asset managers of collateralized debt obligations: Declaration Management and Research LLC, Duke Funding Management LLC, GE Asset Management, Rabobank, Trust Company of the West, and Vertical Capital LLC.Fitch said the ratings of four CDO asset managers were also placed on Rating Watch Negative, and the ratings of seven were affirmed. The downgrades were as follows: Declaration Management and Research, from CAM2-minus to CAM3; Duke Funding Management, from CAM1-minus to CAM2-plus (and placed on Rating Watch Negative); GE Asset Management, from CAM2-minus to CAM3-plus; Rabobank, from CAM2 to CAM2-minus (and placed on Rating Watch Negative); Trust Company of the West, from CAM1-minus to CAM2; and Vertical Capital, from CAM2 to CAM3-plus. The asset manager ratings of First Republic Investment Management (Trainer Wortham) and Solent Capital were also placed on Rating Watch Negative. Fitch rates asset managers of collateralized debt obligations by asset class on a scale of 1 to 5, with 1 being the highest rating.

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