The class C notes issued by Visage CDO I Ltd., a managed hybrid collateralized debt obligation composed of asset-backed security CDO and commercial real estate CDO tranches, have been placed on Rating Watch Negative by Fitch Ratings.The negative rating action resulted from collateral deterioration, as 14.2% of the portfolio has been placed under review for possible downgrade by at least one rating agency, Fitch reported. The CDO is based on a portfolio of mezzanine and high-grade ABS and commercial real estate CDOs.

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