Five classes from two issues of CDC Mortgage Capital Trust mortgage pass-through certificates have been downgraded by Fitch Ratings.The downgrades were as follows: series 2003-HE1, class B-1, from BBB to BB-plus, and class B-2, from BBB-minus to BB-minus; and series 2003-HE2, class B-1, from BBB-plus to BBB, class B-2, from BBB to BB-plus, and class B-3, from BBB-minus to BB-minus. The last two classes were also removed from Rating Watch Negative. In addition, Fitch affirmed the ratings on six classes from the two transactions. The rating agency attributed the downgrades to a deterioration in the relationship between credit enhancement and expected losses. The pools consist of fixed- and adjustable-rate subprime mortgages.
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