Seventeen classes in 12 net-interest-margin mortgage securities from three issuers have been downgraded by Fitch Ratings. The affected securities were as follows: nine classes from seven First Franklin NIM issues; seven classes from four Park Place Securities Inc. NIM Trust issues; and one class from a Merrill Lynch Mortgage Investors NIM Trust issue. The rating agency said the actions "reflect actual pay-down performance of the NIM securities to date compared to initial projections, as well as changes that Fitch previously made to its subprime loss forecasting assumptions for the underlying transactions."
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