Class M of American Business Financial Services mortgage pass-through certificates series 2003-2 has been downgraded from AA to A-plus and removed from Rating Watch Negative by Fitch Ratings.Fitch also affirmed the triple A rating of class A in the deal. The downgrade was attributed to the recent downgrade of Radian Asset Assurance Inc.'s insurer financial strength rating to A-plus. The rating of class M is based on a guarantee from Radian Asset Assurance. The collateral for the transaction generally consists of first- and second-lien home equity loans.
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