Six classes from Park Place Securities 2004-MCW1 subprime mortgage pass-through certificates have been downgraded by Fitch Ratings.The downgrades were as follows: class M-5, from A to A-minus; class M-6, from A-minus to BBB-plus; class M-7, from BBB-plus to BBB; class M-8, from BBB to BB-plus; class M-9, from BBB to BB (and removed from Rating Watch Negative); and class M-10, from BBB-minus to B (and removed from Rating Watch Negative). Fitch also affirmed the ratings on five classes from the deal. The downgrades were attributed to deterioration in the relationship between credit enhancement and loss expectations.
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