Fitch Ratings expects that CDOs may become a funding source in the U.K. private finance initiative (PFI) sector and said it is currently working on a number of proposed CDO transactions that would purchase PFI assets.

As the 10-year PFI program in the U.K. settles into a more mature phase, a new class of investors is giving mezzanine paper an increasing role in PFI refinancings.

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