Five classes of notes issued by Trainer Wortham First Republic CBO V Ltd., a collateralized bond obligation linked to subprime residential mortgage-backed securities, have been downgraded by Fitch Ratings. The downgrades were as follows: class A-1, from AA to A-minus; class A-2, from A-plus to BBB-minus; class B, from A to B; class C, from BBB-plus to CC; and class D, from BB-plus to C. All the downgraded classes were removed from Rating Watch Negative. The downgrades were attributed to collateral deterioration in the portfolio and underlying exposure to RMBS, of which 35.6% are subprime.
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