Fitch Downgrades EquiFirst MBS Classes

Three classes from two EquiFirst Mortgage Loan Trust securitizations have been downgraded by Fitch Ratings.The downgrades were as follows: EquiFirst 2003-1, class M-3, from BBB to B; and EquiFirst 2003-2, class M6, from BBB-minus to BB-plus, and class B1, from BB-plus to BB-minus. In addition, Fitch affirmed the ratings on nine classes from the two deals. The downgrades were attributed to deterioration in the relationship between credit enhancement and loss expectations. The mortgage pools consist of first-lien, fixed- and adjustable-rate residential mortgage loans.