Oceanview CBO Classes Downgraded

Five classes of notes issued by Oceanview CBO I Ltd. have been downgraded by Fitch Ratings, and three of the classes have been removed from Rating Watch Negative.The downgrades were as follows: class A-1B, from AAA to BB-minus; class A-2, from BB-minus to CCC/DR4; class B-F, from CC/DR6 to C/DR6; class B-V, from CC/DR6 to C/DR6; and "combination securities," from AAA to BB-minus. Classes A-2, B-F, and B-V were removed from Rating Watch Negative. The rating on one other class in the deal was affirmed. Fitch attributed the downgrades to the deteriorating credit quality of the Oceanview portfolio. The transaction, a collateralized debt obligation managed by Deerfield Capital Management, is supported by a portfolio of residential mortgage-backed securities, other CDOs, commercial MBS, asset-backed securities, and corporate debt, according to Fitch. The rating agency can be found online at http://www.fitchratings.com.