2008-11-15 01:50:01 -

Fitch Ratings downgrades one class and withdraws ratings on all classes of notes issued by Norma CDO I, Ltd. (Norma). The following rating actions are effective immediately:
--$937,528,491 class A-1 notes downgraded to 'C/DR6' from 'CCC/DR5' and withdrawn;
--$150,000,000 class A-2 notes remain at 'C/DR6' and withdrawn;
--$86,000,000 class B notes remain at 'C/DR6' and withdrawn;
--$50,000,000 class C notes remain at 'C/DR6' and withdrawn;
--$74,000,000 class D notes remain at 'C/DR6' and withdrawn;
--$63,758,133 class E notes remain at 'C/DR6' and withdrawn;
--$11,770,732 class F notes remain at 'C/DR6' and withdrawn;
--$14,713,415 class G notes remain at 'C/DR6' and withdrawn;
--$22,560,570

class H notes remain at 'C/DR6' and withdrawn.
Norma triggered an event of default as a result of the class A overcollateralization ratio falling below 100% on March 10, 2008. Fitch received the Notice of Liquidation on Aug. 4, 2008 and the Notice of Status of Liquidation and Distribution on Oct. 6, 2008 stating that the liquidation of collateral was completed. The final distribution was made on Oct. 31, 2008. The proceeds from liquidation were insufficient to pay the Hedge Counterparties in full. Therefore, the rated notes did not receive any proceeds on the final distribution date.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww ... Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

Fitch Ratings, New York

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Brian Vorderbrueggen, 212-908-9102

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