Four classes from two issues of Wells Fargo Alternative Loan Trust mortgage-backed securities have been downgraded by Fitch Ratings.The downgrades were as follows: class B-4 of series 2002-1 and series 2003-1, from BB to BB-minus; and class B-5 of series 2002-1 and series 2003-1, from B to CCC. Fitch also affirmed the ratings on eight other classes from the two issues. The rating agency attributed the downgrades to a deterioration in the relationship between credit enhancement levels and expected losses. The securities are backed by 15- and 30-year fixed-rate mortgage loans secured by first liens, chiefly on one- to four-family residential properties. Fitch can be found online at http://www.fitchratings.com.
Processing Content
