Four classes of Asset Backed Funding Corp. mortgage pass-through certificates have been downgraded by Fitch Ratings.The downgrades were as follows: series 2004-FF1, class M-4, from BB-plus to B, class M-5, from BB to CC/DR4, and class M-6, from BB-minus to C/DR4; and series 2004-OPT1, class M-6, from BBB to B. Fitch also affirmed the ratings on eight other classes in the two transactions. The downgrades were attributed to deterioration in the relationship between credit enhancement and expected losses. The collateral backing the deals consists of first- and second-lien subprime mortgage loans.
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