Class B of notes issued by Bristol CDO I Ltd. has been downgraded from BB to B by Fitch Ratings.In addition, the ratings on two other classes in the deal were affirmed. "Since the previous rating action in January 2005, Bristol has suffered further collateral deterioration in the aircraft and airline ABS, manufactured housing RMBS, and some mezzanine and junior CDO tranches," Fitch reported. The collateralized debt obligation is secured by a static pool of asset-backed securities, of which 36.2% are residential mortgage-backed securities, 12.9% are CDOs, and 5.6% are commercial MBS, Fitch said.

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