Three classes of Argent Securities Inc.'s ARSI series 2004-PW1 home equity issue have been downgraded and removed from Rating Watch Negative by Fitch Ratings.The downgrades were as follows: class M9, from BBB-minus to BB; class M10, from BB-plus to B-plus; and class M11, from BB to B. Fitch also affirmed the ratings on nine other classes from the transaction. The downgrades were attributed to a deterioration in the relationship between credit enhancement and expected losses. The transaction consists of loans originated or acquired by Argent Mortgage Co. or Olympus Mortgage Co., Fitch said.

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