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Fitch Downgrades 4 & Affirms 1 Class of Capital Guardian ABS CDO I, Ltd.

Article Excerpt
NEW YORK -- Fitch Ratings has downgraded four and affirmed one class of notes issued by Capital Guardian ABS CDO I, Ltd. (Capital Guardian), as follows:

--$9,549,406 class A-1A notes downgraded to 'A' from 'AAA'; Outlook Negative;

--$26,043,834 class A-1B notes downgraded to 'A' from 'AAA'; Outlook Negative;

--$8,559,740 class A-1C notes downgraded to 'A' from 'AAA'; Outlook Negative;

--$70,000,000 class B notes downgraded to 'CC' from 'B';

--$15,224,240 class C notes affirmed at 'C'.

The class A-1A, A-1B, A-1C, and B notes are removed from Rating Watch Negative. In addition, the Distressed Recovery Rating of 'DR6' is withdrawn from the class C notes.

Fitch has taken these rating actions primarily due to negative credit migration in the portfolio. The rating actions also incorporate Fitch's recently adjusted default and recovery rate assumptions for analyzing structured finance (SF) collateralized debt obligations (CDOs)....

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