The collateralized debt obligation at the center of the fraud case against Goldman Sachs is known as ABACUS 2007-AC1, and a class of its debt was cut to "D" from "CCC-" by Standard and Poor’s in May 2009.

That cut to "D" may have been the most recent rating action taken on this specific transaction, which had two classes of debt, or tranches. The ABACUS deal had a Class A1 and a Class A2.

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