Classes M9, M10, and M11 of the ARSI series 2004-PW1 Ameriquest Mortgage Securities Inc. home equity issue have been placed on Rating Watch Negative by Fitch Ratings.Fitch also affirmed the ratings on 306 classes from 32 Ameriquest home equity deals. The negative actions were attributed to a deterioration in the relationship between credit enhancement and expected losses. The transaction consists of loans originated or acquired by Argent Mortgage Co. or Olympus Mortgage Co., Fitch said. Fitch can be found on the Web at http://www.fitchratings.com.

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