The CAM1 structured finance rating of C-BASS Investment Management LLC, an asset manager of collateralized debt obligations, has been placed on Rating Watch Negative by Derivative Fitch.Fitch said the rating action stemmed from the recent announcement by Radian Group Inc. and MGIC Investment Corp. regarding "liquidity challenges" faced by CIM's parent company, Credit-Based Asset Servicing and Securitization LLC. Fitch rates CDO asset managers by asset class on a scale of 1 to 5, with 1 being the highest rating. Derivative Fitch Inc., a subsidiary of Fitch Ratings Ltd., can be found on the Web at http://www.derivativefitch.com.
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