Classes of notes issued by Corvus Investments Limited and Savannah II CDO Limited were downgraded by Fitch Ratings recently. The following notes of the Corvus CDO were effected: the $534.6 million class A-1 notes were downgraded to 'A' from 'A+'; the $200 million class A-2 notes were downgraded to 'A' from 'A+'; and the $65 million class B notes were downgraded to 'BBB-' from 'BBB'. According to Fitch, the Corvus CDO has experienced impairment of certain referenced assets, which are expected to incur losses. 

Also downgraded by Fitch were the following notes issued by Savannah II: the $293 million class A notes were downgraded to 'BB' from 'A-'; the $18.4 million class B notes were downgraded to 'B' from 'BB+'; and the $22.5 million class C notes were downgraded to 'CC' from 'CCC'. According to Fitch, Savannah II has has experienced impairment of certain referenced assets, which are expected to incur losses.

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