Fitch Ratings downgraded 78 tranches (69 public ratings and nine private ratings) and affirmed 18 tranches (all public) from 38 European structured finance CDOs.

Fitch has also assigned recovery ratings to the notes. All of the affected transactions were previously downgraded to 'B' and below in 2008 resulting from actual and expected deterioration in portfolio credit quality, primarily related to U.S. Alt-A and subprime RMBS.

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