CWMBS Classes Downgraded

Four classes in three CWMBS (Countrywide Home Loans Inc.) mortgage pass-through deals have been downgraded by Fitch Ratings, and one other class was placed on Rating Watch Negative.The downgrades were as follows: series 1998-12 (Alt 1998-4), class B4, from B to CCC and removed from Rating Watch Negative; series 2001-26 (Alt 2001-11), class B4, from B to CCC and removed from Rating Watch Negative; and series 2002-11 (Alt 2002-7), class B3, from BB to B, and class B4, from B to CC. Class B4 of series 1999-6 (Alt 1999-1) was placed on Rating Watch Negative. In addition, four classes were upgraded and the ratings on 15 classes in four transactions were affirmed. The rating agency said the downgrades and Rating Watch action stemmed from actual and expected losses relative to the applicable credit support. Fitch can be found online at http://www.fitchratings.com.