PNC MBS Classes Downgraded

Four classes of PNC Mortgage Securities Corp. mortgage pass-through certificates have been downgraded by Fitch Ratings.The downgrades were as follows: series 1999-9 group 1, class IB5, from B-minus to CCC; series 1999-9 groups 2, 3, and 4, class CB4, from B to CCC; series 2000-3, class DB3, from BBB to BB (and removed from Rating Watch Negative); and series 2000-3, class DB4, from CCC to CC. Fitch also upgraded nine classes and affirmed the ratings on 41 classes in eight PNC deals. The rating agency attributed the downgrades to loss levels and high delinquencies relative to applicable credit support. Fitch can be found online at http://www.fitchratings.com.