The class D notes and the preference shares of Trainer Wortham First Republic CBO III Ltd., a collateralized debt obligation consisting partly of residential and commercial mortgage-backed securities, have been placed on Rating Watch Negative by Fitch Ratings.In addition to residential and commercial MBS, the CDO consists of asset-backed securities, corporate debt, and other CDOs. The move was attributed to the fact that approximately 8.8% of the underlying portfolio collateral has been downgraded since the rating agency's last review in April.

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