Five classes of notes issued by Commodore CDO II Ltd./Corp., a collateralized debt obligation linked to subprime residential mortgage-backed securities, have been downgraded by Fitch Ratings. The downgrades were as follows: class A-1MM, from A-minus/F1-plus to BBB/F2; class A-2(a), from BBB-minus to BB; class A-2(b), from BBB-minus to BB; class B, from CCC to CC; and class C, from CCC to C. All the downgraded classes were removed from Rating Watch Negative. The downgrades were attributed to "significant collateral deterioration" in subprime RMBS, which constitute nearly half of the portfolio. Fitch can be found online at http://www.fitchratings.com.
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