Four classes of notes issued by MKP CBO I 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-1L, from BBB-minus to B; class A-2L, from CCC to CC; class B-1A, from CC to C; and class B-1L, from CC to C. Fitch attributed the downgrades to "further deterioration" of the credit quality of the collateral pool and "the continued use of collateral principal to pay fees and interest on the subordinate notes." The CDO consists of RMBS, CMBS, and commercial and consumer asset-backed securities, the rating agency said.

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