Fitch Downgrades B&C Securities

Seven classes of mortgage-backed securities from two issuers have been downgraded by Fitch Ratings as a result of changes to its subprime loss forecasting assumptions.Fitch also placed one class on Rating Watch Negative, removed one from Rating Watch Negative, and affirmed the ratings on classes with outstanding balances of about $2 billion. The securities affected by the latest downgrades were six classes from two Asset-Backed Securities Corp. transactions and one class from a Credit Based Asset Servicing and Securitization LLC deal. The rating actions were attributed to changes to 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."