Two classes of notes issued by First Dominion Funding I were placed under review for downgrade by Moody's Investors Service late today. The $40M Class C-1 Floating Rate Notes, due 2013, and $35M Class C-2 Fixed Rate Notes, due 2013, currently rated Baa2 are on watch for downgrade. The $40M Senior Subordinated Floating Rate Notes, due 2013, and $15M Senior Subordinated Fixed Rate Notes, due 2013, currently rated Ba3 were also placed on watch for downgrade. Par losses and deterioration in the credit quality of the collateral were cited by Moody's as reasons for the watch. First Dominion Funding I, a CLO, closed June 10, 1998.
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