Three classes from Ace Securities Corp. mortgage pass-through certificates series 2003-NC1 have been downgraded by Fitch Ratings.The downgrades were as follows: class M-4, from BBB-minus to BB, class M-5, from BB to CC/DR3, and class M-6, from BB-minus to C/DR5. Fitch also affirmed the ratings on four other classes in the deal. The downgrades were attributed to a deterioration in the relationship between credit enhancement and expected losses. The collateral for the deals consists of fixed- and adjustable-rate, first- and second-lien subprime mortgage loans.
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