On October 16, Fitch Ratings announced proposals to restructure its rating system for structured finance collateralized debt obligations (CDOs). The proposals expand Fitch’s criteria for reviewing structured finance CDOs with exposure to U.S. subprime residential mortgage-backed securities. The previous criteria were issued in November 2007. The updated rating system, once in effect, will apply to CDOs exposed to many structured finance assets, including U.S. commercial mortgage-backed securities and European structured finance securities.