Two classes of GS Mortgage Securities Corp. residential mortgage pass-through certificates, series 2003-HE1, have been downgraded by Fitch Ratings.Class B-1 of the transaction was downgraded from BBB to BBB-minus, and class B-2 was downgraded from BBB-minus to BB-plus. Fitch also affirmed the ratings on three other classes in the transaction. The downgrades were attributed to a deterioration in the relationship between credit enhancement and expected losses. The deal consists of subprime mortgage loans separated into two groups, one with conforming loans and one with all other loans. Fitch can be found online at http://www.fitchratings.com.

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