Bonifacius Notes Downgraded

Six classes of notes issued by Bonifacius Ltd. and Bonifacius LLC, which together constitute a collateralized debt obligation consisting partly of subprime mortgage-backed securities, have been downgraded by Fitch Ratings. The downgrades were as follows: classes A-1M and A-1Q, from BBB to CC/DR4; class A-1J, from BB to C/DR6; class A-2, from B-minus to C/DR6; class A-3, from CCC to C/DR6; and class A-4, from CC to C/DR6. Fitch also assigned Distressed Recovery ratings of DR6 to classes B, C, and D. The downgrades were attributed to "significant collateral deterioration" in the portfolio, especially subprime residential MBS, alternative-A RMBS, and structured finance CDOs with exposure to subprime RMBS. Fitch can be found on the Web at http://www.fitchratings.com.