Four classes of notes issued by C-BASS CBO XVII Ltd., a collateralized debt obligation consisting largely of subprime and alternative-A residential mortgage-backed securities, have been downgraded and removed from Rating Watch Negative by Fitch Ratings. The downgrades were as follows: class A, from BBB to CCC; class B, from BBB-minus to CC; class C, from BB to C; and class D, from B-plus to C. The downgrades were attributed to "significant collateral deterioration" in the portfolio, especially regarding the subprime and alt-A RMBS. Fitch can be found online at http://www.fitchratings.com.
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