ABSC Classes Downgraded

Published November 10, 2004, 3:00 p.m. EST

1 Min Read

Two classes of Asset Backed Securities Corp. home equity securitizations have been downgraded by Fitch Ratings.Class B-1F of ABSC series 1999-LB1 group 1 was downgraded from BBB to BB-plus, and class B-1A of series 1999-LB1 group 2 was downgraded from BBB to BB. In addition, Fitch upgraded six classes in three ABSC deals and affirmed the ratings on 80 classes in 15 transactions. The rating agency attributed the downgrades to "increasing concern due to high levels of nonperforming assets, as well as diminishing credit enhancement." Fitch can be found online at http://www.fitchratings.com.

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