Three classes of Ameriquest-linked subprime mortgage-backed securities have been downgraded by Fitch Ratings.The downgrades were as follows: Argent series 2004-W3, class M-4, from BBB-minus to BB, and class M-5, from BB-plus to B (and placed on Rating Watch Negative); and Ameriquest series 2003-AR3, class M-6, from BBB-minus to BB (and placed on Rating Watch Negative). Fitch also affirmed the ratings on eight other classes in the two transactions. The negative rating actions were attributed to losses that have exceeded excess spread, causing deterioration in the amount of overcollateralization. The collateral consists of closed-end, first-lien subprime mortgage loans.

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