The ratings of 259 certificates from 50 subprime mortgage-backed securities deals backed by Ameriquest collateral have been downgraded by Moody's Investors Service. The downgrades were based on "recent and expected pool losses and the resulting erosion of credit support," the rating agency said. "Moreover, increasing delinquencies along with step-down, or the possibility thereof, is likely to cause further erosion of credit enhancement levels." The transactions are backed primarily by first-lien subprime mortgage loans originated through Ameriquest's retail and wholesale channels. Moody's can be found on the Web at http://www.moodys.com.
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