more downgrades of CDOs by Fitch

-- Derivative Fitch, a unit of Fitch Ratings Inc., on Wednesday downgraded the credit ratings of $29.8 billion of collateralized debt obligations, taking the total volume of its rating cuts on these investments to $67 billion. --Earlier this month, Fitch downgraded the credit ratings of $37.2 billion of CDOs, with more than $14 billion of transactions falling from the highest-rated AAA perch to speculative-grade, or junk, status. The severity of the downgrades serves as a warning to investors that even securities carrying the highest rating aren't shielded from the subprime debacle.