CWABS Classes Downgraded

Five classes of Countrywide Asset-Backed Securitizations series 2006-SPS1 have been downgraded by Fitch Ratings, and six classes have been placed on Rating Watch Negative.The downgrades were as follows: class M-6, from A to BBB-minus (and remains on Rating Watch Negative); class M-7, from A-minus to BB-plus (and remains on Rating Watch Negative); class M-8, from BB-plus to C/DR6; class M-9, from BB to C/DR6; and class B, from BB-minus to C/DR6. Classes A, M-1, M-2, M-3, M-4, and M-5 were placed on Rating Watch Negative. Fitch attributed the negative rating actions to deterioration in the relationship between credit enhancement levels and loss expectations. The collateral consists of second liens extended to subprime borrowers on one- to four-family residential properties and certain other property and assets.