Three classes from two CitiFinancial Mortgage Securities Inc. securitizations have been downgraded by Fitch Ratings.The downgrades were as follows: series 2003-1, class MV-3, from A to BBB-minus, and class MV-4, from BBB-minus to BB-minus; and series 2003-3, class MV-3, from BBB to BB-minus. In addition, 16 tranches from four Citi transactions have been upgraded, and the ratings on 10 classes have been affirmed. The downgrades were attributed to deterioration in the relationship between credit enhancement and loss expectations. The collateral backing the affected classes consists primarily of first-lien subprime residential mortgage loans.
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