Moody's Investors' Service recently announced that it has downgraded two collaterialized debt obligations (CDOs) - coming as no shock to the industry - seeing as collateralized loan obligations (CLOs) and collaterialized bond obligations (CBOs) are typically victims of ratings downgrades, sources say.

Three tranches within Alliance Collaterialized Holdings Series 1997-1 and the "mezzanine tranche" of Putnam CBO I Limited received downgrades, prompted by a reduction in the credit quality.

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