Fitch Eyes 15 CDOs Backed by Trust Securities

Fifteen U.S. collateralized debt obligations backed in whole or in part by trust preferred securities issued by mortgage lenders, real estate investment trusts, and homebuilders have been placed on Rating Watch Negative by Derivative Fitch.The issuance amount of the 120 affected tranches totals $5.4 billion. The rating agency attributed the downgrades to "continued credit deterioration" in underlying collateral. The 15 CDOs were issued by Attentus, Kodiak, Taberna Preferred Funding, and Trapeza. Derivative Fitch Inc., a subsidiary of Fitch Ratings Ltd., can be found on the Web at http://www.derivativefitch.com.