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U.K. subprime RMBS deal gets downgraded

Last week Fitch Ratings downgraded Farringdon Mortgages 1, a U.K. nonconforming RMBS transaction (ASR, 04/24/06). The rating agency said this was the first downgrade on record for the sector.

The single-A, triple-B and double-B rated notes were lowered to single-A minus, triple-B minus and single-B, respectively. The ratings actions...

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