Eight-five classes of subprime mortgage pass-through certificates from 11 transactions issued by First Franklin Mortgage Loan Trust have been downgraded by Fitch Ratings as a result of changes to its subprime loss forecasting assumptions. Fitch also placed five First Franklin classes on Rating Watch Negative and affirmed the ratings on classes with outstanding balances of $2.3 billion. The rating actions were attributed to changes in Fitch's subprime loss forecasting assumptions that "better capture the deteriorating performance of pools from 2006 and late 2005 with regard to continued poor loan performance and home price weakness." The rating agency can be found online at http://www.fitchratings.com.
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