First Franklin MBS Classes Downgraded

Two classes of First Franklin Financial Corp. residential mortgage-backed certificates, series 2001-FF2, have been downgraded by Fitch Ratings, and another class has been placed on Rating Watch Negative.Class M-2 was downgraded from A-minus to BBB-minus, and class M-3 was downgraded from BBB-minus to BB-minus. Class M-1 was placed on Rating Watch Negative, and the ratings on two other classes were affirmed. Fitch attributed the negative rating actions to a deteriorating relationship between credit enhancement and expected losses. Fitch can be found online at http://www.fitchratings.com.