Two classes of EquiFirst Mortgage Loan Trust series 2004-1 have been downgraded by Fitch Ratings.Class M-7 was downgraded from BBB-minus to BB, and class B-1 was downgraded from BB-plus to B. In addition, Fitch upgraded three classes in the transaction and affirmed the ratings on 49 classes from five EquiFirst deals. The downgrades were attributed to deterioration in the relationship between credit enhancement and loss expectations. The mortgage pools consist of first-lien, fixed- and adjustable-rate residential mortgage loans. Fitch can be found online at http://www.fitchratings.com.

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