Fitch Ratings downgraded two classes of notes issued by PPM America High Grade CBO I Ltd. The $58M class B senior subordinated notes were downgraded to BB fromBBB- and the $17.85M class C structured equity notes were downgraded to CCC- from B-.  According to Fitch, PPM America High Grade is failing its total overcollateralization (OC) test, weighted average rating test and weighted average coupon test.

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