Two classes of Meritage Mortgage Loan Trust series 2004-1 have been downgraded by Fitch Ratings, and two other classes have been placed on Rating Watch Negative.Class M-8 was downgraded from BBB-minus to BB-minus, and class B-1 was downgraded from BB-plus to B-plus. Classes M-6 and M-7 were placed on Rating Watch Negative. Fitch said the negative rating actions were due to a deteriorating relationship between losses and excess spread that is likely to prevent overcollateralization from maintaining its target amount.
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