Two classes of notes issued by MWAM CBO series 2001-1 Ltd., a collateralized debt obligation composed partly of mortgage-backed securities, have been downgraded by Fitch Ratings.Class A was downgraded from AAA to AA-plus, and class B was downgraded from B/DR2 to C/DR1. The downgrades were attributed to "continued collateral deterioration resulting from negative credit migration." The CDO consists of residential and commercial MBS, asset-backed securities, other CDOs, investment-grade corporate securities, and U.S. government securities, Fitch said.

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