One class of notes issued by Commodore CDO I Ltd., a collateralized debt obligation, has been downgraded by Fitch Ratings.The affected security, class C, was downgraded from BBB to BBB-minus. In addition, the ratings on two other classes in the deal were affirmed. Fitch said the transaction consists of commercial mortgage-backed securities, residential MBS, CDOs, asset-backed securities, and corporate securities. The rating agency attributed the downgrade to deteriorating collateral quality. Fitch can be found on the Web at http://www.fitchratings.com.

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