Four classes from two subprime New Century Mortgage Corp. securitizations have been downgraded by Fitch Ratings.The downgrades were as follows: series 2003-2 total groups 1 & 2, class M-3, from BBB to BBB-minus, and class M-4, from BBB-minus to BB-minus; and series 2006-S1, class M-7, from BBB to BB, and class M-8, from BBB-minus to BB-minus. Fitch also placed class M-6 of series 2006-S1 on Rating Watch Negative and affirmed the ratings on 80 classes in 11 New Century deals. The negative rating actions stemmed from the deterioration of credit enhancement relative to expected losses, Fitch said. The rating agency can be found online at http://www.fitchratings.com.
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