Fitch advised that upgrades outnumbered downgrades by three to one in 2009 for the structured finance transactions that it rates in Australia and New Zealand. This strong performance resulted from the credit enhancement build-up that comes from the sequential pay down of notes, in well seasoned transactions, and generally good underlying asset performance.Mobius ELR-01 Trust had three tranches of notes downgraded to 'D', as the face value of the notes exceeded the value of the underlying assets of the trust. Two tranches from Centro Shopping Centre Securities Limited - CMBS Series 2006-1 were downgraded, as property values fell by nearly 10 per cent, and one tranche of non-conforming RMBs issued by GPAC Series 2008-AN1 was downgraded as arrears exceeded expectations. Two tranches from New Zealand transactions were also downgraded as underlying asset performance deteriorated.