CDO Classes Downgraded

Published July 13, 2004, 2:00 p.m. EDT

1 Min Read

Two classes of notes issued by Ingress I Ltd., a collateralized debt obligation backed by real-estate-related assets, have been downgraded by Fitch Ratings.The downgrades were as follows: class B, from A-plus to A-minus, and class C, from BB-minus to B-minus. In addition, Fitch affirmed the ratings on two classes in the CDO. The deal is supported by a static pool of asset-backed securities, residential mortgage-backed securities, commercial MBS, and real estate investment trusts. The rating agency attributed the downgrades to declining overcollateralization ratios since April 2003.

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