Three classes of Aegis 2004-1 mortgage pass-through certificates have been downgraded by Fitch Ratings.The downgrades were as follows: class B1, from BBB-plus to BB (and removed from Rating Watch Negative); class B2, from BBB-minus to B; and class B3, from BB-minus to C/DR5. Fitch also affirmed the ratings on three other classes in the deal. The downgrades reflect deterioration in the relationship between credit enhancement and expected losses, Fitch said. The assets consist primarily of conventional residential mortgage loans, fully amortizing and balloon, extended to subprime borrowers.

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