Five classes from Ameriquest Mortgage Securities Inc. home equity issues have been downgraded by Fitch Ratings.The downgrades were as follows: series 2002-4, class M-4, from BB-minus to B; series 2003-AR2, class M-4, from BB-minus to B; and series 2003-1, class MF-3, from BBB-minus to BB, class MV-3, from BBB-minus to BB, and class M4, from BB to B. In addition, Fitch upgraded 18 classes and affirmed the ratings on nearly 300 classes from 44 Ameriquest deals. The downgrades were attributed to a deterioration in the relationship between credit enhancement and expected losses. Fitch can be found online at http://www.fitchratings.com.

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