Four tranches of securities issued by Amortizing Residential Collateral Trust Mortgage Pass-Through Certificates, series 2004-1, have been downgraded by Moody's Investors Service.The downgrades were as follows: class M5, from A3 to Baa2; class M6, from Baa1 to Baa3; class M7, from Baa2 to Ba1; and class M8, from Baa3 to B1. The downgrades were based on an analysis of credit enhancement levels provided by excess spread, overcollateralization, and subordinate classes relative to projected and stressed losses, Moody's said. The collateral consists primarily of first-lien, fixed- and adjustable-rate subprime mortgage loans.

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