Three classes of notes and shares from Trainer Wortham First Republic CBO III Ltd., a collateralized bond obligation that consists mainly of residential mortgage-backed securities, have been downgraded by Fitch Ratings.The downgrades were as follows: class C notes, from A to A-minus; class D notes, from BBB to BB (and removed from Rating Watch Negative); and preference shares, from BB to B (and removed from Rating Watch Negative). Fitch also affirmed the ratings on three other classes of notes in the deal. The downgrades were attributed to credit deterioration and exposure to subprime RMBS.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry