Ameriquest, Argent HEL Classes Downgraded

Six classes from three Ameriquest Mortgage Securities Inc. and Argent Securities Inc. home equity issues have been downgraded by Fitch Ratings.The downgrades were as follows: AMSI series 2003-8, class M-5, from BBB to BB, and class M6, from BBB-minus to BB-minus; AMSI series 2004-R3, class M-6, from BBB-minus to BB-plus, and class M7, from BB-plus to BB; and ARSI series 2004-PW1, class M-10, from B-plus to B, and class M-11, from B to CC/DR2. The rating agency also placed classes M2, M3, and M4 of AMSI series 2003-8 on Rating Watch Negative. In addition, Fitch affirmed the ratings on 18 classes from the three deals. The downgrades were attributed to monthly losses that have generally exceeded excess spread and caused a deterioration in the amount of overcollateralization. Fitch can be found online at http://www.fitchratings.com.