The class A-1 and A-2 notes issued by Blue Heron Funding V Ltd., a collateralized debt obligation partly composed of residential and commercial mortgage-backed securities, have been downgraded from F1-plus to F1 by Derivative Fitch.In addition, the ratings on two other classes were affirmed. Fitch said the downgrade resulted from a previous downgrade of the short-term rating of Westdeutsche Landesbank Girozentrale, which is the manager of the CDO. In addition to RMBS and CMBS, the transaction includes asset-backed securities and other CDOs, the rating agency said. Fitch can be found on the Web at http://www.fitchratings.com.

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