Seven classes from two subprime issues of Aegis Asset-Backed Securities have been downgraded by Fitch Ratings.The downgrades were as follows: series 2003-2, class M2, from A to A-minus, and class B, from BB-plus to CCC/DR2; and series 2004-5, class M2, from A to A-minus, class M3, from A-minus to BBB, class B1, from BBB-plus to BB-plus, class B2, from BBB to BB, and class B3, from BBB-minus to B. Fitch also affirmed the ratings on four classes from the two deals. The downgrades were attributed to deterioration in the relationship between credit enhancement and loss expectations.

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