Two classes from Equity One ABS Inc. mortgage pass-through certificates issued in 2002 have been downgraded by Fitch Ratings.Class B of series 2002-1 was downgraded from BBB to BB-plus, and class B-2 of series 2002-3 was downgraded from BBB to BB. Fitch also affirmed the ratings on 33 classes in eight Equity One subprime transactions. The rating agency attributed the downgrades to a deterioration in the relationship between credit enhancement and expected losses. Overcollateralization has been "off target for as many as eight of the past nine months" because monthly collateral losses have exceeded the available monthly spread, Fitch reported. The rating agency can be found online at http://www.fitchratings.com.
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