Fitch Downgrades Subprime-Linked CDOs

Forty-five classes of notes issued by six collateralized debt obligations linked to subprime residential mortgage-backed securities have been downgraded by Fitch Ratings. The affected securities include 13 classes from Delphinus CDO 2007-1 LLC/Ltd., a hybrid structured finance CDO; eight classes of notes from Duke Funding XIII Ltd. and Duke Funding XIII Corp., both hybrid structured finance CDOs; seven classes from Glacier Funding CDO V LLC/Ltd., a cash flow CDO; seven classes from Volans Funding 2007-1 Ltd., a hybrid structured finance CDO; six classes from West Trade Funding CDO I LLC/Ltd., a cash flow CDO; and four classes from Solstice ABS CDO III Ltd., a cash flow structured finance CDO. The downgrades were attributed in most cases to "significant collateral deterioration" in the portfolios' subprime RMBS and structured finance CDOs with underlying exposure to subprime RMBS. Fitch can be found online at http://www.fitchratings.com.