Citi MBS Classes Downgraded

Two classes in Citigroup Mortgage Loan Trust, series 2003-1, have been downgraded by Fitch Ratings.Class WB-4 of group W was downgraded from BB to BB-minus, and class WB-5 was downgraded from B to CCC. In addition, Fitch affirmed the ratings on 10 other classes in the deal. The downgrades were attributed to poor collateral performance and the deterioration of asset quality beyond original expectations. As of the December distribution date, the approximately $63,000 in realized losses in group W were absorbed by the nonrated WB-6 class, Fitch reported. "While the WB-6 class currently has a balance of $221,498, the loans in foreclosure and bankruptcy total more than $2.3 million," the rating agency said. "Fitch is therefore concerned about the adequacy of protection against future losses available to classes WB-4 and WB-5." Fitch can be found online at http://www.fitchratings.com.