Fitch Ratings has placed 41 tranches of Portuguese structured finance transactions on Rating Watch Negative (RWN) following the lowering of Portugal's long-term foreign and local currency issuer default ratings to 'A-' from 'A+' on March 24.

Among the tranches to be downgraded are 36 RMBS, 1 ABS and four structured credit tranches. All other Portuguese RMBS tranches that Fitch rates have a negative outlook.

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