15 Long Beach Classes Downgraded

Fifteen classes from six Long Beach home equity and mortgage loan securitizations have been downgraded by Fitch Ratings.The downgrades from Asset Backed Securities Corp., Long Beach Home Equity Loan Trust series 2000-LB1 were as follows: group 1, class M2F, from BBB-plus to BBB-minus, and class BF, from CC to C; group 2, class M2V, from A to BBB, and class BV, from BBB-minus to BB-minus. The downgrades from Long Beach Home Mortgage Loan Trust deals were as follows: series 2000-1, class M-2, from A to BBB-minus, and class M-3, from BBB-minus to CCC; series 2001-1, class M-2, from A to BBB, and class M-3, from BBB to BB; series 2001-2, class M-2, from A to BBB, and class M-3, from BBB to B; series 2001-3, class M-2, from A to BBB-plus, and class M-3, from BBB to B; series 2001-4 group 1, class I-M2, from A to A-minus, and class I-M3, from BBB to B-plus; and series 2001-4 group 2, class II-M3, from BBB to BB-minus. In addition, Fitch affirmed the ratings on 20 classes in the six Long Beach deals. The downgrades were attributed to high loss levels. Fitch can be found on the Web at http://www.fitchratings.com.