Fitch Ratings has downgraded certain notes from at least three collateralized debt obligation transactions: Independence V CDO Ltd., Northlake CDO I, and Dunloe 2005-1 Ltd.The rating agency downgraded: all of Dunloe 2005-1's notes; the class C notes and series 1 and 2 preference shares of Independence V and the class II and III notes of Northlake CDO I. Fitch Ratings can be found online at http://www.fitchratings.com.

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