Five classes from three Asset Backed Funding Corp. home equity loan asset-backed certificate transactions have been downgraded by Fitch Ratings.The downgrades were as follows: ABFC series 2001-AQ1, class M-2, from BBB to BB, and class B, from B-minus to C; ABFC series 2002-SB1, class B, from BB to B; and ABFC series 2002-WF1, class M-3, from BBB to BBB-minus, and class B, from BB-plus to B-plus. Fitch attributed the downgrades to monthly losses that have reduced available credit support. In addition, 90-day delinquencies have averaged between 18% and 23% of the current pool balances, the rating agency said. Fitch can be found online at http://www.fitchratings.com.
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