Twenty-two classes from 12 Morgan Stanley mortgage-backed security transactions have been downgraded by Fitch Ratings.In addition, Fitch upgraded three classes and affirmed the ratings on 59 other classes in 19 deals. The downgrades were attributed to deterioration in the relationship between credit enhancement and loss expectations. The loans consist of fixed-rate and adjustable-rate mortgages extended to subprime borrowers and are secured by first and second liens, primarily on one- to four-family residential properties, Fitch said. The rating agency can be found online at http://www.fitchratings.com.

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