Three classes from two subprime issues of Argent Securities mortgage pass-through certificates have been downgraded by Fitch Ratings, and three classes have been placed on Rating Watch Negative.The downgrades were as follows: series 2003-W3, class M-5, from BBB to BB; and series 2003-W10, class M-5, from BBB to BB, and class M-6, from BBB-minus to B. Class M-4 of series 2003-W3, class M-5 of series 2003-W8, and class M-6 of series 2003-W10 were placed on Rating Watch Negative. Fitch also affirmed the ratings on 12 classes from the three Argent deals. The negative rating actions were attributed to a deterioration in the relationship between credit enhancement and loss expectations.
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