Seven classes from three Ameriquest Mortgage Securities Inc. home equity issues have been downgraded by Fitch Ratings.The downgrades were as follows: series 2003-1, class M-4, from B to C/DR4; series 2004-R2, class M-8, from BBB to BB; and series 2004-R4, class M-2, from A to A-minus, class M-3, from A-minus to BB-plus, class M-4, from BBB-plus to BB, class M-5, from BBB-minus to B, and class M-6, from BB-minus to CCC/DR1. In addition, Fitch affirmed the ratings on 36 classes from five Ameriquest deals. The downgrades were attributed to a continued deterioration in the relationship between credit enhancement and expected losses.

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