The rating on class A-4 of ABSC Manufactured Housing Contract Resecuritization Trust 2004-OAK1 has been lowered from AA-minus to A by Standard & Poor's Ratings Services and removed from CreditWatch with negative implications.The rating agency also affirmed the ratings on three senior classes in the deal and removed them from CreditWatch. S&P attributed the downgrade to the "continued adverse performance trends" of the underlying securities and the resulting decline in credit enhancement available to support class A-4. Series 2004-OAK1 is a real estate mortgage investment conduit deal consisting of two underlying securities: OMI Trust 2000-B, class A-1, and OMI Trust 2000-C, class A-1. "While each underlying security is currently receiving principal and interest payments, assumptions have been revised regarding cumulative net losses on these securities based on actual performance data and expectations of future trends," S&P said. The rating agency can be found online at http://www.standardandpoors.com.

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