Two classes of Asset Backed Funding Corp. mortgage pass-through certificates have been downgraded by Fitch Ratings.Class M-2 of ABFC series 2002-SB1 has been downgraded from A to BBB and placed on Rating Watch Negative, and class M-3 has been downgraded from BB to B-minus/DR1 and removed from Rating Watch Negative. The ratings on two other classes in the deal were affirmed. The downgrades were attributed to the deterioration of credit enhancement relative to loss expectations. The collateral consists of first- and second-lien subprime mortgage loans.
ABFC Subprime Classes Downgraded
November 30, 2007, 3:00 p.m. EST 1 Min Read
