Class B-1 notes issued by Eastman Hill Funding I Ltd., a collateralized debt obligation partly composed of residential mortgage-backed securities, has been downgraded from B to CCC by Fitch Ratings.In addition, the ratings on four other classes were affirmed. Fitch said the deal is failing its coverage ratio tests as follows: overcollateralization has declined to 108.7%, below the trigger level of 109.0%, and its interest coverage ratio of 81.1% falls far short of the trigger of 115.0%. RMBS represent 30% of the transaction, the rating agency said. Fitch can be found on the Web at http://www.fitchratings.com.
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