Three classes of notes issued by Westways Funding XI Ltd., a mortgage market value collateralized debt obligation, have been downgraded and their ratings withdrawn by Fitch Ratings. The downgraded notes were as follows: class A-PT, from AA to C/DR1 and withdrawn; class LA loan interests, from AA to C/DR1 and withdrawn; and class P, from AA to AA-minus and withdrawn. Fitch also withdrew the ratings on seven other classes. The negative rating actions were taken, and the ratings withdrawn, because the program has liquidated after breaching its overcollateralization tests, the rating agency said. Only class A-1 notes have been paid in full.
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