Class M-10 of Mortgage Asset Securitization Transactions Asset Back Securities Trust mortgage pass-through certificates, series 2005-FRE1, has been downgraded from BB-plus to B by Fitch Ratings.Fitch also placed classes M-8 and M-9 of the deal on Rating Watch Negative and affirmed the ratings on 45 classes in four MABS securitizations. The rating agency attributed the negative rating actions to a deterioration in the relationship between credit enhancement and expected losses. The collateral consists chiefly of conforming and nonconforming, fixed- and adjustable-rate subprime mortgage loans.

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