Fitch downgrades SGAM AI CDO asset manager rating
The downgrade has been triggered by the impact of the credit crisis on Societe Generale Asset Management Alternative Investments' CDO business, senior management turnover, and the impending merger with Lyxor.
Fitch Ratings has downgraded Societe Generale Asset Management Alternative Investments' (SGAM AI) collateralised debt obligation asset manager rating from CAM2+ to CAM2. Fitch rates collateralised debt obligation (CDO) asset managers by asset type, on a scale of 1 to 5, with 1 being the highest rating. These ratings are based on a standardised scorecard methodology that includes factors in several rating categories: staffing, procedure and controls, portfolio management, CDO administ…
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