Westways CDO Notes Downgraded

Four classes of notes (and three classes of loan interests) issued by Westways Funding XI Ltd., a mortgage market value collateralized debt obligation, have been downgraded by Fitch Ratings. The downgraded notes were as follows: class A-PT, from AAA to AA and placed on Rating Watch Negative; class A-2, from AAA to AA and placed on Rating Watch Negative; class B, from AA to A (and remains on Rating Watch Negative); and class C, from A to BB (and remains on Rating Watch Negative). In addition, the class LA loan interests have been downgraded from AAA to AA and placed on Rating Watch Negative; the class LB loan interests have been downgraded from AA to A (and remain on Rating Watch Negative); and the class LC loan interests have been downgraded from A to BB (and remain on Rating Watch Negative). The negative rating actions were attributed to "the uncertainty in the proceeds that will be achieved during a sale of assets given the price volatility that even highly rated securities have seen in the current market environment."