Three classes of notes issued by Antares Funding L.P., a 1999 vintage CDO managed by Antares Capital Corp., were downgraded today by Fitch Ratings. According to the agency the $43.5 million class C third priority senior secured notes were downgraded to 'BB+' from 'BBB'; the $40.5 million class D fourth priority senior secured notes were downgraded to 'B-' from 'BB'; and the $42 million class E subordinated secured notes were downgraded to 'CCC+' from 'B-'. Fitch noted the transaction has been failing its class A, B, C and D O/C tests since April 2003.
