Two classes of notes issued by Ipswich Street CDO Ltd. and Ipswich Street CDO LLC have been placed on Rating Watch Negative by Fitch Ratings.The affected securities are classes D and E. The transaction is a collateralized debt obligation supported by residential and commercial mortgage-backed securities and other CDOs, Fitch said. The negative rating actions were based on the downgrading of three subprime closed-end second-lien RMBS bonds representing 1.04% of the underlying portfolio, the rating agency said. In addition, 2.18% of the portfolio has been placed on Rating Watch Negative.

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