The ratings on three classes of noted issued by Visage CDO I Ltd., a managed hybrid collateralized debt obligation relating partly to commercial real estate, have been downgraded by Fitch Ratings and withdrawn. The downgrades were as follows: class A, from CCC to C/DR6; class B, from CC to C/DR6; and class C, from CC to C/DR6. The downgrades were attributed to a default resulting from the fact that the class A par value ratio was less than 100%. The CDO references a portfolio of mezzanine and high-grade asset-backed securities CDO tranches and commercial real estate CDO tranches, Fitch said.
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