Two certificates from Ameriquest Mortgage Securities Inc. series 2003-2 have been downgraded by Moody's Investors Service, and a third has been placed on review for possible downgrade.Class M-3 was downgraded from B3 to Ca, and class M-4 was downgraded from Ca to C. Class M-2 was placed on review for possible downgrade. The negative rating actions were based on an analysis of credit enhancement levels provided by excess spread, overcollateralization, and subordinate classes relative to the expected loss, Moody's said. The transaction is backed by adjustable- and fixed-rate subprime mortgage loans. Moody's can be found online at http://www.moodys.com.

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