Two classes of notes issued by Silver Marlin CDO I Ltd., a structured finance collateralized debt obligation consisting predominantly of residential mortgage-backed securities, have been placed on Rating Watch Negative by Fitch Ratings.The affected notes were classes D and E. The negative rating actions were based on a deterioration in collateral quality, the rating agency said. Fitch said 18.6% of the portfolio consists of 2006 vintage subprime RMBS collateral and 10.9% consists of prime RMBS collateral, and its exposure to 2007 vintage RMBS totals 8.5% subprime RMBS and 20.5% prime RMBS. The rating agency can be found on the Web at http://www.fitchratings.com.

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