The sole class of notes issued by Brit Alliance ABSpoke 2005-X, a collateralized debt obligation referencing residential mortgage-backed securities and other assets, has been downgraded from BB to CC by Fitch Ratings and removed from Rating Watch Negative. The downgrade of the class A notes resulted from "significant collateral deterioration" in the reference portfolio, specifically subprime and alternative-A RMBS, the rating agency said. The transaction is an unfunded managed synthetic CDO.
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