Class B-1 of Asset Backed Securities Corp. series 1999-LB1 has been downgraded from BB to CCC by Fitch Ratings.In addition, Fitch affirmed the ratings on four other classes in the ABSC deal. The rating agency attributed the downgrade to higher-than-expected collateral losses and deterioration in the relationship between loss expectations and credit support levels. The transaction consists of fixed- and adjustable-rate subprime mortgage loans, primarily on one- to four-family and multifamily properties. Fitch can be found online at http://www.fitchratings.com.
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