Fitch Ratings has downgraded 270 bonds from 59 residential mortgage-backed securities transactions to 'D.'

Forty-nine of the transactions are second-lien deals and the rest of the transactions are "scratch and dent" or subprime deals. All of the bonds had previously had 'CC' or 'C' ratings, indicating a default was expected.

A 'D' rating indicates a principal writedown has occurred.

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