Morgan Subprime MBS Classes Downgraded

Twelve classes of certificates from six deals issued by Morgan Stanley ABS Capital I Inc. Trust in 2004 have been downgraded by Moody's Investors Service.Moody's has also confirmed the ratings on four classes from two of the deals. The downgrades were attributed to an analysis of the credit enhancement provided by subordination, overcollateralization and excess spread relative to the expected loss. The transactions are backed by fixed and adjustable-rate subprime mortgage loans.