The class A-2 notes issued by Orchard Park CDO Ltd., a collateralized debt obligation partly composed of residential mortgage-backed securities, has been placed on Rating Watch Negative by Fitch Ratings.Fitch said the action "reflects significant credit migration, whereby approximately 12.58% of the portfolio is currently rated below investment grade." In addition to RMBS, the transaction consists of asset-backed securities and other CDOs, the rating agency said.

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