The class C notes of Ingress I Ltd., a collateralized debt obligation supported in part by residential and commercial mortgage-backed securities, has been downgraded from B-minus to CC by Fitch Ratings.Fitch also affirmed the ratings on three other classes in the CDO. The downgrade was attributed to the fact that the overcollateralization ratio of class B failed its required level on each payment date after Sept. 30, 2003, "causing the class C notes to capitalize missed interest payments of over $3.2 million." The CDO is backed by a static pool of asset-backed securities, RMBS, CMBS, and real estate investment trusts.
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