More Subprime Securities Downgraded by Fitch

Over 130 additional classes of subprime mortgage- and asset-backed securities have been downgraded by Fitch Ratings as a result of changes to its subprime loss forecasting assumptions.Fitch also affirmed the ratings on classes with outstanding balances of more than $12 billion. Among the mortgage pass-through certificates affected by the latest downgrades were: 58 classes from nine First Franklin issues; 19 classes from two C-BASS issues; 14 classes from one IndyMac ABS Inc. issue; 13 classes from two SACO issues; 13 classes from one Soundview Home Equity Loan Trust issue; 12 classes from one Merrill Lynch issue; and 11 classes from four Structured Asset Securities Corp. issues. The rating actions were attributed to changes to Fitch's subprime loss forecasting assumptions that "better capture the deteriorating performance of pools from 2006 and late 2005 with regard to continued poor loan performance and home price weakness."