Two classes of the Long Beach Mortgage Loan Trust series 2003-1 subprime mortgage deal have been downgraded by Fitch Ratings.Class M-3 was downgraded from BBB to BB-plus, and class M-4 was downgraded from BB-minus to B. In addition, the ratings on two other classes were affirmed. The downgrades reflect continued deterioration in the relationship between credit enhancement and loss expectations, the rating agency said. The performance of the deal has also been hurt by a growing concentration of loans secured by manufactured homes, Fitch said.
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