Bear Stearns ABS Classes Downgraded

Two classes of Bear Stearns asset-backed securities, series 1999-1, have been downgraded by Fitch Ratings.Class BF of series 1999-1 group 1 was downgraded from BBB-minus to BB-minus, and class BV of series 1999-1 group 2 was downgraded from BBB-minus to BB. The downgrades were the result of poor collateral performance, incurred losses, and loss expectations in relation to available credit support, the rating agency said. Group 1 of the series is backed by fixed-rate mortgages originated by Amresco Residential Mortgage Corp. and Provident Funding Associates, and group 2 is backed by adjustable-rate mortgages originated by the same companies.