Aegis ABS Classes Downgraded

Six classes from three Aegis Asset-Backed Securities Trust deals have been downgraded by Fitch Ratings.The downgrades were as follows: series 2003-1, class M2, from BBB-plus to BB (and placed on Rating Watch Negative), and class B1, from CC/DR3 to C/DR4; series 2003-3, class M3, from A-minus to BBB, and class B, from BBB-minus to B; and series 2004-3, class B2, from BBB to BB-plus (and removed from Rating Watch Negative), and class B3, from BBB-minus to BB-minus (and removed from Rating Watch Negative). Fitch also affirmed the ratings on nine other classes in the three transactions. The downgrades were attributed to deterioration in the relationship between credit enhancement and loss expectations. The collateral pools for both deals consist of subprime residential mortgage loans. Fitch can be found online at http://www.fitchratings.com.