Two classes from C-BASS mortgage loan asset-backed certificates series 2003-RP1 have been downgraded by Fitch Ratings.Class B-1 was downgraded from BBB to BB, and class B-2 was downgraded from BB to CCC/DR2. Fitch also affirmed the ratings on three classes in the transaction. The downgrades reflect deterioration in the relationship between credit enhancement and loss expectations, the rating agency said. The trust consists primarily of one-to four-family, adjustable- and fixed-rate mortgage loans, FHA-insured and VA-guaranteed mortgage loans, manufacturing housing installment contracts, and installment loan agreements secured by first, second, or third liens on residential properties.
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