Six classes in four net-interest-margin mortgage securities from two issuers have been downgraded by Fitch Ratings. The affected securities were as follows: five classes from three Ixis NIM issues; and one class from an Ameriquest NIM 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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