SFA CDO Classes Downgraded

Four classes of notes issued by SFA Collateralized Asset-Backed Securities I Trust have been downgraded by Fitch Ratings.The transaction, a collateralized debt obligation managed by Structured Finance Advisors Inc., is supported by a diversified portfolio of asset-backed securities and commercial mortgage-backed securities. The downgrades were as follows: class A, floating-rate, from AAA to AA-plus; class B-1, floating-rate, from BBB to B-minus; class B-2, fixed-rate, from BBB to B-minus; and class C, fixed-rate, from B to C. Fitch attributed the downgrades to "the recent deterioration of the portfolio to the point where the risk is no longer consistent with the current ratings." Only two assets in the portfolio are classified as defaulted, but a number of them face "probable" default, the rating agency said.