Two classes from Credit Based Asset Servicing and Securitization LLC series 2002-CB6 have been downgraded by Fitch Ratings, and two classes from C-BASS series 2002-CB5 have been placed on Rating Watch Negative.Class B-2 of series 2002-CB6 was downgraded from BBB-minus to BB-minus, and class B-3 was downgraded from BB to B-plus. Classes B-2 and B-3 of series 2002-CB5 were placed on Rating Watch Negative. In addition, Fitch upgraded 16 classes and affirmed the ratings on 236 classes from 31 C-BASS deals. The negative rating actions reflect a deterioration in the relationship between credit enhancement and loss expectations, the rating agency said.
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