Fitch Ratings has withdrawn Bear Stearns Asset Management's (BSAM) outstanding structured finance CDO Asset Manager 'CAM3' rating. Fitch will no longer provide analytical coverage on BSAM's CDO platform.
Fitch had previously extended BSAM's CAM Rating Watch Negative status on March 18, 2008 due to uncertainty of the status of BSAM's CDO platform following the announcement of the proposed sale of BSAM's parent company, The Bear Stearns Cos. (NYSE: BSC) to JP Morgan & Chase Co. (NYSE: JPM). BSAM's CDO administrative duties have been assumed by JP Morgan Asset Management, a subsidiary of JPM.
Russ Thomas, +1-312-368-3189, Chicago
Lauren Keiper, +1-212-908-0268, New York
Sandro Scenga, +1-212-908-0278, New York