Four classes from two Ameriquest Mortgage Securities Inc. home equity issues have been downgraded by Fitch Ratings, and one class has been placed on Rating Watch Negative.The downgrades were as follows: series 2003-2, class M3, from BBB-minus to BB-minus, and class M4, from BB to CCC/DR5; and series 2004-R4, class M5, from BBB to BBB-minus, and class M6, from BBB-minus to BB-minus. Class M4 of series 2004-R4 was placed on Rating Watch Negative. In addition, Fitch affirmed the ratings on 17 classes from three Ameriquest transactions. The downgrades were attributed to monthly losses that have exceeded excess spread, causing a deterioration in the amount of overcollateralization. Fitch can be found online at http://www.fitchratings.com.

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