SFA CABS II Classes Downgraded

Three classes of Structured Finance Advisors Collateralized Asset Backed Securities Trust II have been downgraded by Fitch Ratings.The downgrades were as follows: class B notes, from AA-minus to BBB-plus; class C notes, from BBB to B; and preference shares, from BB-minus to CCC. Class C and the preference shares were also removed from Rating Watch Negative, and the triple-A rating on class A was affirmed. SFA CABS II is a collateralized debt obligation supported by residential and commercial mortgage-backed securities, general asset-backed securities, and CDOs, Fitch said. The downgrades "reflect the ongoing downward migration in the credit quality of the portfolio," the rating agency said. Fitch can be found on the Web at http://www.fitchratings.com.