Moody’s began cutting ratings on collateralized debt obligations (CDOs) on Friday, and now Fitch says it expects to severely downgrade scores of CDOs, including as many as two-thirds of those that carry the highest, triple-A rating, The Wall Street Journal reports.

CDOs previously highly rated could be marked down to the lower rungs of investment grade, or even to junk. Those rated in investment grades will almost certainly be marked down to junk, Fitch said.

Fitch said it might downgrade $36.8 billion worth of CDOs due to the “unprecedented downgrade of underlying collateral in a short time,” referring to the subprime loan crisis. Fitch is currently revising its CDO rating system.

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