Two 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.Class A-1L was downgraded from B/DR2 to CCC/DR2, and class A-2L was downgraded from CC/DR4 to C/DR5. Fitch attributed the downgrades to "further deterioration of the credit quality of the collateral pool and severe undercollateralization of the subordinate notes." The CDO consists of RMBS, CMBS, and commercial and consumer asset-backed securities, the rating agency said.

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