Two classes of People's Choice Home Loan Securities Trust series 2004-1 have been downgraded by Fitch Ratings, and two others have been removed from Rating Watch Negative.Class M-7 was downgraded from BB to B, and class M-8 was downgraded from BB-minus to C/DR5. Classes M-3 and M-4 were removed from Rating Watch Negative. Fitch also affirmed the ratings on six classes in the deal. The downgrades were attributed to deterioration in the relationship between credit enhancement and loss expectations. The mortgage pool consists of 30-year subprime residential loans.

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