Fitch Ratings said on Thursday that certain classes of notes issued across 43 CDOs backed all or in part by trust preferred securities issued by banks are on Rating Watch Negative.
Fitch also said it maintains the Rating Watch Negative status on certain classes of notes issued across 59 CDOs backed all or in part by trust preferred securities issued by banks or insurance companies. These classes were originally placed on Rating Watch Negative on May 21. In certain instances, the assignment of Rating Watch Negative and the maintenance of Rating Watch Negative affect different classes of the same CDO. In aggregate, 75 CDOs are affected by these rating actions.