Thirty-seven certificates from 14 mortgage-backed securitizations issued by AMSI and ARSI have been downgraded by Moody's Investors Service. Moody's also placed 12 certificates from the deals on review for possible downgrade. The negative rating actions were based on an analysis of the credit enhancement levels provided by excess spread, overcollateralization, and subordinate classes relative to stressed estimates of future losses, Moody's said. The AMSI and ARSI transactions were backed by loans originated by Ameriquest Mortgage Co. and Argent Mortgage Co., respectively. The rating agency can be found online at http://www.moodys.com.

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