ABSC Classes Downgraded

January 18, 2007, 3:00 p.m. EST 1 Min Read

Two classes of Asset-Backed Securities Corp. Long Beach Home Equity Trust mortgage pass-through certificates have been downgraded by Fitch Ratings.Class M2V of series 2000-LB1 group 2 was downgraded from BB-plus to BB, and class BV was downgraded from CC/DR4 to C/DR5. In addition, Fitch affirmed the ratings on five classes of group 1 in the transaction. The rating agency attributed the downgrades to continued deterioration in the relationship between credit enhancement and loss expectations. The subprime mortgage loans underlying the transaction were acquired by ABSC from Long Beach Mortgage. Fitch can be found online at http://www.fitchratings.com.

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