Four classes of First Franklin subprime mortgage pass-through certificates, series 2005-FFH3, have been downgraded by Fitch Ratings.The downgrades were as follows: class B-1, from BB-plus to B-plus; class B-2, from BB to B; class B-3, from BB-minus to C/DR5; and class B-4, from B-plus to C/DR6. In addition, Fitch placed class B-4 of First Franklin series 2005-FF1 and classes M-9, M-10, and B of series 2005-FF5 on Rating Watch Negative and affirmed the ratings on 50 classes from five First Franklin transactions. Fitch said the rating actions were based on changes the rating agency has made to its subprime loss forecasting assumptions. Fitch can be found on the Web at http://www.fitchratings.com.
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