Twenty-eight classes from eight mortgage-related transactions insured by Financial Guaranty Insurance Co. have been downgraded by Fitch Ratings, and two classes have been placed on Rating Watch Negative. The downgrades affected deals issued by Ameriquest Mortgage Securities, Aegis, Ace Securities Corp., Morgan Stanley ABS Capital, GMAC Mortgage Corp., and CSFB. Most involve subprime residential MBS. Fitch attributed the downgrades to its recent downgrade of FGIC's insurer financial strength rating to CCC.
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