Three classes of mortgage pass-through securities issued by Nomura Asset Acceptance Corp. have been downgraded by Fitch Ratings. The downgrades were as follows: series 2001-R1, class B-2, from A to CCC/DR2, and class B-3, from B to C/DR5; and series 2003-A1, class B4, from BB to B (and removed from Rating Watch Negative). Fitch also affirmed the ratings on seven other classes in the two transactions. The downgrades reflect deterioration in the relationship between loss expectations and credit support levels, Fitch said.

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