Nine classes of Crystal River CDO 2005-1 Ltd., a collateralized debt obligation backed partly by subprime residential mortgage-backed securities, have been downgraded by Fitch Ratings. Eight of the nine classes were removed from Rating Watch Negative. Fitch attributed the downgrades to "significant collateral deterioration" in the portfolio, specifically regarding subprime RMBS and structured finance CDOs with underlying exposure to subprime RMBS. "Since the last review conducted in November 2007, approximately 48.8% of the portfolio has been downgraded," Fitch said, adding that 95.9% is rated below investment grade. The rating agency can be found online at http://www.fitchratings.com.
Processing Content
