Eleven classes from seven Morgan Stanley mortgage-backed security transactions have been downgraded by Fitch Ratings and one class has been placed on Rating Watch Negative.The downgrades were as follows: series 2001-AM1, class M-2, from A-plus to A-minus, and class B-1, from BB-minus to B; series 2001-NC3, class M-2, from A-plus to A-minus, and class B-1, from BBB-minus to BB; series 2002-AM1, class B-1, from BB to B-plus; series 2002-AM2, class B-1, from BB-plus to B-plus, and class B-2, from BB-plus to B-plus; series 2002-HE1, class B-2, from BBB-minus to BB-plus; series 2002-NC4, class B-2, from BBB-minus to BB-plus; and series 2002-OP1, class B-1, from BBB to BB-plus, and class B-2, from BBB-minus to BB. The rating on class B-2 of series 2002-HE2 was placed on Rating Watch Negative. In addition, Fitch affirmed the ratings on 308 classes in 54 Morgan Stanley deals. The negative rating actions were attributed to deterioration in the relationship between credit enhancement and loss expectations. The loans consist of fixed- and adjustable-rate mortgages extended to subprime borrowers, Fitch said. The rating agency can be found online at http://www.fitchratings.com.
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