Seven classes of asset-backed certificates from Meritage Mortgage Corp. series 2004-1 have been downgraded by Fitch Ratings.The downgrades were as follows: class M-1, from AA to A-minus; class M-2, from A-plus to BB-plus; class M-3, from A to B; class M-4, from BB-plus to B; classes M-5 and M-6, from B to CCC/DR1; and class M-7, from CC/DR2 to C/DR5. The downgrades were attributed to deterioration in the relationship between credit enhancement and expected losses. The mortgage pool consists of first- and second-lien residential mortgages. The rating agency can be found online at http://www.fitchratings.com.
Processing Content
