Fitch Downgrades More B&C Securities

Seventy-eight more classes of mortgage- and asset-backed securities have been downgraded by Fitch Ratings as a result of changes to its subprime loss forecasting assumptions.Fitch also placed two classes on Rating Watch Negative and affirmed the ratings on classes with outstanding balances of more than $8 billion. Among the securities affected by the latest downgrades were: 26 classes from four issues of IndyMac INABS certificates; 18 classes from three issues of IXIS Real Estate Capital mortgage pass-through certificates; 14 classes from four issues of Asset Backed Funding Corp. mortgage pass-throughs; eight classes from one issue of Ameriquest mortgage pass-throughs; and seven classes from one issue of ACE mortgage pass-throughs. 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." Fitch can be found online at http://www.fitchratings.com.