Five classes from three issues of Long Beach Mortgage Loan Trust residential mortgage-backed securities have been downgraded by Fitch Ratings.The downgrades were as follows: series 2003-1, class M-3, from BB-minus to B-minus/DR1; series 2003-3, class M-3, from BB to B, and class M-4, from B to CC/DR3; and series 2004-5, class M-6, from BBB to BB-plus (and placed on Rating Watch Negative), and class M-7, from BBB-minus to B (and placed on Rating Watch Negative). The negative rating actions were attributed to continued deterioration in the relationship between credit enhancement and loss expectations. The collateral consists of subprime loans secured by first- and second-lien mortgages or deeds of trust.
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