Westways CDO Notes Downgraded

Three classes of notes (and two classes of loan interests) issued by Westways Funding X Ltd., a mortgage market value collateralized debt obligation, have been downgraded by Fitch Ratings.The downgraded notes were as follows: class C, from A to CCC; class D, from BB-minus to C/DR5; and income notes, from CCC to C/DR6. In addition, the class LC loan interests have been downgraded from A to CCC, and the class LD loan interests have been downgraded from BB-minus to C/DR5. "Losses incurred during the liquidation process have increased the risk that the class C and LC notes may not be paid in full," Fitch said. "It is likely that class D and LD will incur a significant loss and class income notes will suffer a complete loss." Fitch can be found on the Web at http://www.fitchratings.com.