Three classes of notes issued by Sunrise CDO I have been downgraded by Fitch Ratings.The downgrades were as follows: class A, from AAA to BBB; class B, from BBB-minus to B; and class C, from CCC-plus to C. The transaction is a collateralized debt obligation supported by other CDOs, residential and commercial mortgage-backed securities, asset-backed securities, and corporate debt securities. Fitch said the downgrades stemmed from declining overcollateralization ratios, primarily as a result of $14 million in writedowns related to four assets. The rating agency can be found on the Web at http://www.fitchratings.com.
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