Three classes of notes issued by Independence I CDO Ltd., a collateralized debt obligation partly composed of residential and commercial mortgage-backed securities, have been downgraded by Fitch Ratings.The downgrades were as follows: class A, from AAA to AA-plus; class B, from AA-minus to A-minus; and class C, from BBB to BB. Fitch attributed the downgrades to declining overcollateralization ratios. The CDO consists of approximately 24.1% RMBS, 21.9% CMBS, 47.5% asset-backed securities, and 6.5% CDOs, the rating agency said. Fitch can be found online at http://www.fitchratings.com.

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