Long Beach MBS Classes Downgraded

Three classes from Long Beach Mortgage Loan Trust series 2003-4 have been downgraded by Fitch Ratings.The downgrades were as follows: class M-5A, from BBB to BB-plus; class M-5F, from BBB to BB-plus; and class M-6, from BB-minus to CCC/DR1. Fitch also affirmed the rating on six other classes in the deal. The downgrades were attributed to a deterioration in the relationship between credit enhancement levels and loss expectations. The transaction consists of adjustable- and fixed-rate subprime loans backed by first- and second-lien mortgages or deeds of trust.