Five classes of CWMBS (Countrywide Home Loans) Inc. residential mortgage-backed certificates have been downgraded by Fitch Ratings.The downgrades were as follows: series 2000-4 (Alt 2000-1), class B3, from B-minus to CCC; series 2001-3 (Alt 2001-2), class B3, from BB to B and removed from Rating Watch Negative, and class B4, from B to C and removed from Rating Watch Negative; and series 2001-8 (Alt 2001-5), class B-3, from BB to B and removed from Rating Watch Negative, and class B4, from CC to C. In addition, class B2 of series 2000-4 (Alt 2000-1) was placed on Rating Watch Negative, five other classes were upgraded, and the ratings on 12 others were affirmed. The rating agency said the actions stemmed from loss levels and loss expectations relative to the applicable credit support. Fitch can be found online at http://www.fitchratings.com.

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