Six classes from two securitizations by Option One Mortgage Corp. have been downgraded by Fitch Ratings.The downgrades were as follows: series 2004-1, class M-5, from BBB-plus to BBB-minus (and removed from Rating Watch Negative), class M-6, from BB-plus to BB, and class M-7, from BB-minus to CC/DR3; and series 2004-2, class M-5, from BBB-plus to BBB-minus (and removed from Rating Watch Negative), class M-6, from BB-plus to BB, and class M-7, from B-plus to B. Fitch also affirmed the ratings on nine classes in the two deals. The downgrades were attributed to deterioration in the relationship between credit enhancement and loss expectations. The collateral for the transactions consists of first- and second-lien mortgage loans.

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