Two classes of Merit Securities Corp. residential mortgage-backed securities series 12-1 have been downgraded by Fitch Ratings.Class 3A-1 was downgraded from AAA to AA, and class B-2 was downgraded from A to BBB. The rating on one other class in the transaction was affirmed. Fitch said the downgrades reflect a continued deterioration in the relationship between credit enhancement and expected loss levels. The collateral consists of conventional first-lien mortgage loans and manufactured housing installment sales contracts. Fitch can be found online at http://www.fitchratings.com.
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