CWABS Classes Downgraded, Others on Review

Two classes from one asset-backed transaction issued by Countrywide Home Loans Inc. have been downgraded by Moody's Investors Service, and four classes from two other deals have been placed under review for possible downgrade.Class BF-1 of CWABS Inc. asset-backed certificates series 2001-1 was downgraded from A3 to Baa3, and class BF-2 was downgraded from Baa2 to B1. The certificates placed on review were the MF-2 and BF classes of series 2000-1 and 2000-4. The negative rating actions were triggered by credit enhancement levels that "may be low" given the projected losses on the underlying pools, Moody's said. "The three transactions have taken significant losses, causing gradual erosion of the overcollateralization in the 2000-1 transaction and the gradual erosion of the corporate guaranty provided by Countrywide in the 2000-4 and 2001-1 transactions," the rating agency said. The deals are backed by first-lien adjustable- and fixed-rate subprime mortgage loans. Moody's can be found online at http://www.moodys.com.