Fourteen classes of Ace Securities Corp.'s mortgage securitizations have been downgraded by Fitch Ratings.In addition, Fitch upgraded 10 classes and affirmed the ratings on 51 classes from 13 Ace deals. The downgrades were attributed to a continued deterioration in the relationship between credit enhancement and expected losses. Faster-than-expected prepayments have resulted in a decreased amount of excess spread available to cover losses and maintain overcollateralization. The mortgage pool consists of conventional first- and second lien adjustable- and fixed-rate residential mortgage loans. Fitch can be found on the Web at http://www.fitchratings.com.
Processing Content
