Class B of Aegis Asset Backed Securities Trust, series 2003-1, has been placed on Rating Watch Negative by Fitch Ratings.Fitch also affirmed the ratings on four other classes in the transaction, whose collateral pool consists chiefly of subprime residential mortgage loans. The watchlist placement is due to monthly collateral losses that have exceeded excess spread and reduced overcollateralization, the rating agency said. "As of the January distribution date, the OC balance had declined to $1,079,166, below its current target of $3,006,562," Fitch reported.

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