Two classes of notes issued by Capital Guardian ABS CDO I Ltd., a collateralized debt obligation partly composed of residential and commercial mortgage-backed securities, have been downgraded by Fitch Ratings.Class B was downgraded from BBB to B and assigned a Distressed Recovery rating of DR2, and class C was downgraded from CC/DR5 to C/DR6. In addition, Fitch affirmed the ratings on three other classes in the deal. The rating agency attributed the lowered ratings to "severe collateral deterioration" and significant par loss after the sale of a defaulted asset. The CDO consists of RMBS, CMBS, asset-backed securities, CDOs, and corporate debt, the rating agency said. Fitch can be found online at http://www.fitchratings.com.
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