Chase Funding MBS Classes Downgraded

Six classes of Chase Funding subprime mortgage loan asset-backed certificates have been downgraded by Fitch Ratings.The downgrades were as follows: Chase Funding series 2000-1 group 1, class IB, from BBB to BBB-minus; series 2000-2 group 1, class IB, from BBB to BBB-minus; series 2000-3 group 1, class IM-2, from A to A-minus, and class IB, from BBB to BB; series 2001-4 group 2, class IIB, from BBB to BBB-minus; and Chase Funding Loan Acquisition Trust series 2001-C2 group 1, class IB, from BBB to BBB-minus. In addition, Fitch upgraded two classes from one Chase Funding deal and affirmed the ratings on 101 classes from 16 Chase Funding issues. The downgrades reflect worse-than-expected performance by the underlying collateral and concerns about the adequacy of credit enhancement for the remaining subordinate bonds, the rating agency said. Fitch can be found online at http://www.fitchratings.com.