Five classes of notes issued by Ischus CDO I Ltd./LLC, a collateralized debt obligation consisting largely of subprime residential mortgage-backed securities, have been downgraded by Fitch Ratings. The downgrades in the static cash flow structured finance CDO were as follows: class A-1, from AAA to A; classes A-2, from AAA to BBB; class B, from AA to BB; class C-1, from BBB to B; and class C-2, from BBB to B. Classes B, C-1, and C-2 were removed from Rating Watch Negative. The downgrades were attributed to "continued credit deterioration" in the subprime mortgage market. More than two-thirds of the portfolio, 67.6%, consists of subprime RMBS.
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