Three classes of notes issued by Bleecker Structured Asset Funding Ltd. and Bleecker CBO Delaware Corp., and supported in part by residential and commercial mortgage-backed securities, have been downgraded by Fitch Ratings.The downgrades were as follows: class A first-priority senior secured notes, from AAA to A-minus; class B second-priority senior secured floating-rate notes, from BBB to B-minus; and class C senior subordinated fixed-rate notes, from B to C. Class C has been removed from Rating Watch Negative, while classes A and B remain there. The transaction is a collateralized bond obligation supported by asset-backed securities, RMBS, and CMBS. All the notes are due 2035. "The rating actions are a result of deterioration in the credit quality of Bleecker's collateral pool and the negative impact of its interest rate hedge," Fitch said. The rating agency can be found online at http://www.fitchratings.com.

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