CSFB MBS Classes Downgraded

Eight classes from four Credit Suisse First Boston Mortgage Securities Corp. issues of mortgage-backed pass-through certificates have been downgraded by Fitch Ratings.The downgrades were as follows: CSFB series 2002-5 group 4, class IVB5, from BB to B, and class IVB6, from B to CC; CSFB series 2002-18 group 2, class IIB5, from BB to CCC, and class IIB6, from B to C; CSFB series 2002-22 groups 3 and 4, class DB4, from BB to B, and class DB5, from B to CC; and CSFB series 2002-24 group 1, class IB4, from BB-minus to B-minus, and class IB5, from B-minus to C. In addition, Fitch upgraded seven CSFB classes and affirmed the ratings on 25 classes. The downgrades "reflect the deterioration of credit enhancement relative to consistent or rising monthly losses," the rating agency said. Despite mortgage insurance coverage, the subordinate classes "will not be able to sustain the significantly high monthly losses at the current ratings," Fitch said. The rating agency can be found online at http://www.fitchratings.com.