Three classes from two Credit Based Asset Servicing and Securitization LLC mortgage loan securitizations have been downgraded by Fitch Ratings, and four classes from two other C-BASS transactions have been placed on Rating Watch Negative.The downgrades were as follows: series 2001-CB3, class B-2, from BB to B-plus; and series 2002-CB2, class B-1, from BBB to BB-plus, and class B-2, from BB-plus to BB. The Rating Watch placements were classes 1B-1 and 1B-2 of series 1999-CB2 group 1 and classes B-2 and B-3 of series 2002-CB5. Fitch also upgraded 16 classes and affirmed the ratings on 178 classes from 26 C-BASS deals. The negative rating actions reflect a deterioration in the relationship between credit enhancement and loss expectations, the rating agency said. Fitch can be found on the Web at http://www.fitchratings.com.
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