Five classes of Meritage Mortgage Corp. asset-backed certificates, series 2003-1, have been downgraded by Fitch Ratings.The downgrades were as follows: class M-3, from A to BB; class M-4, from A-minus to B; class M-5, from BBB-plus to CCC/DR1; class M-6, from BBB to CCC/DR2; and class M-7, from BBB-minus to C/DR5. Fitch also affirmed the ratings on two classes in the deal. The downgrades reflect continued deterioration in the relationship between credit enhancement and loss expectations, the rating agency said.
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