Fifteen classes of mortgage-backed securities issued by Morgan Stanley in 2002 and 2003 have been downgraded by Fitch Ratings.In addition, class B-3 of series 2004-HE4 was placed on Rating Watch Negative and the ratings on 46 classes in 11 Morgan Stanley transactions were affirmed. The negative rating actions were based on a deterioration in the relationship between credit enhancement and expected losses, Fitch said. The collateral in the mortgage pools consists of fixed- and adjustable-rate, 15- and 30-year subprime residential loans.
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