Class B-3 of Nomura Asset Acceptance Corp. mortgage pass-through securities, series 2001-R1, has been downgraded from BB to B by Fitch Ratings.Fitch also affirmed the ratings on five other classes in the transaction, which consists of loans insured or guaranteed by the Federal Housing Administration and the Department of Veterans Affairs. The downgrade resulted from higher-than-expected collateral losses and reflects deterioration in the relationship between loss expectations and credit support levels, the rating agency said.

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