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.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry