Seven classes of notes issued by Visage CDO II Ltd., a hybrid collateralized debt obligation composed partly of residential mortgage-backed securities, have been placed on Rating Watch Negative by Fitch Ratings.The affected securities were classes A2, B, C, D, E, F, and G. The negative rating actions resulted from collateral deterioration, as 31.2% of the portfolio has been placed under review for possible downgrade by at least one rating agency, Fitch reported. The CDO is based on a static portfolio of RMBS and mezzanine and high-grade commercial real estate asset-backed security CDOs.

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