CBO Action: Fitch

One class of CAM CBO I Ltd. was recently downgraded by Fitch Ratings. The $21M class B notes of CAM CBO I, managed by Conning Asset Management  were downgraded to ‘BB-‘ from ‘BBB’. According to Fitch, due to the failure of two of the O/C tests, interest cash flows are being captured to pay down the class A notes. As a result,  the class C notes have deferred interest for the past several payment periods. The deal is also paying down due to the end of the revolving period in December 2002, the agency reported.