Five classes of mortgage pass-through certificates issued by Merrill Lynch Mortgage Investors Merrill Lynch Credit Corp. have been downgraded by Fitch Ratings. The downgrades were as follows: series 2003-C, class B-4, from BBB-plus to BB, and class B-5, from BB-plus to CC/DR3; and series 2004-G, class B-3, from BBB to B, class B-4, from BB-plus to CC/DR4, and class B-5, from B-plus to C/DR6. Fitch also affirmed the ratings on seven other classes in the two deals. The downgrades were attributed to "current trends in the relationship between serious delinquency and credit enhancement." The collateral consists of adjustable-rate prime mortgage loans.
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