Class B-2 of Nomura Asset Securities Corp.'s commercial mortgage pass-through certificates, series 2006-HE1, has been placed on Rating Watch Negative by Fitch Ratings.In addition, the ratings on 29 classes in two Nomura transactions have been affirmed. Fitch said the negative rating action was due to a deterioration in the relationship between credit enhancement and loss expectations. The mortgage pools consist of first- and second-lien, adjustable- and fixed-rate residential mortgages. The rating agency can be found online at http://www.fitchratings.com.

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