Two classes of notes issued by Mid Ocean CBO 2000-1 Ltd., a collateralized debt obligation that includes mortgage-backed securities, have been downgraded by Fitch Ratings.Classes A-2 and A-2L have been downgraded from B-minus to CCC. The rating agency attributed the downgrades to deteriorating collateral quality that has caused overcollateralization and interest coverage to fall "well below their required test levels." The transaction, a CDO managed by Deerfield Capital Management, is composed of residential MBS, commercial MBS, asset-backed securities, and CDOs. The rating agency can be found online at http://www.fitchratings.com.
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