Fitch Downgrades B&C-Linked CDO Classes

Twenty-five classes of notes issued by four collateralized debt obligations with exposure to subprime residential mortgage-backed securities have been downgraded by Fitch Ratings. All the downgraded classes were removed from Rating Watch Negative. The affected securities are as follows: nine classes from Norma CDO I Ltd., a hybrid cash and synthetic arbitrage CDO; six classes from GSC ABS CDO 2006-4u Ltd., a hybrid cash and synthetic arbitrage CDO; five classes from Fort Point Funding II Corp., a cash flow structured finance CDO; six classes from Straits Global ABS CDO I Ltd., a cash flow CDO; and five classes from Saybrook CBO II Ltd., a structured finance CDO. The downgrades were attributed to collateral deterioration in the portfolios, especially in subprime RMBS, or underlying exposure to subprime RMBS.