26 Long Beach Classes Downgraded

Twenty-six classes from eight 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 M1F, from AA to BBB-plus, and class M2F, from BBB-minus to B, and group 2, class BV, from BB-minus to C. The downgrades from Long Beach Home Mortgage Loan Trust deals were as follows: series 2000-1, class M-2, from BBB-minus to BB-minus, and class M-3, from CCC to C; series 2001-1, class M-1, from AA to A, class M-2, from BBB to B-plus, and class M-3, from BBB to BB; series 2001-2, class M-1, from AA to A, class M-2, from BBB to BB, and class M-3, from B to C; series 2001-3, class M-2, from BBB-plus to BBB-minus, and class M-3, from B to C; series 2001-4 group 1, class I-M2, from A-minus to BBB-minus, and class I-M3, from B-plus to C, and series 2001-4 group 2, class II-M2, from A to BBB-minus, and class II-M3, from BB-minus to C; series 2002-1 group 1, class I-M3, from BBB to BB, and series 2002-1 group 2, class II-M3, from BBB to BB, and class II-M4, from BB-plus to B; series 2002-2 group 1, class I-M3, from BBB to BBB-minus, class I-M4A, from BBB-minus to B, and class I-M4B, from BBB-minus to B, and series 2002-2 group 2, class II-M3, from BBB to BBB-minus, and classes II-M4A and II-M4B, from BBB-minus to B. In addition, Fitch affirmed the ratings on 40 classes in 11 Long Beach deals. The downgrades were attributed to high loss levels that have triggered a "rapid decline" in credit enhancement. Fitch can be found on the Web at http://www.fitchratings.com.