Two classes of notes issued by Commodore CDO II Ltd., a collateralized debt obligation, have been downgraded by Fitch Ratings.The class C notes were downgraded from AA to A, and the class C notes were downgraded from BBB to BBB-minus and removed from Rating Watch Negative. In addition, the ratings on three other classes in the deal were affirmed. Fitch said the transaction consists of residential mortgage-backed securities, asset-backed securities, commercial MBS, and other CDOs. The rating agency attributed the downgrade to "negative credit migration" and revisions to its methodology for rating CDOs.

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