Moody's Investors Service recently downgraded roughly $35 million outstanding of a securitization originated by Telefonica del Peru to Ba2' from Baa3,' making the deal a fallen angel. The transaction has fared much better with Fitch Ratings, which affirmed its BBB' rating as recently as mid September. The ratings now have a three-notch difference.

JPMorgan Securities led the original deal, sized at $150 million, according to a source close to the transaction. Issued in December of 1998, the notes' legal final maturity is Dec. 15, 2008. The yield is 7.48%.

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