Two classes of PPT Asset-Backed Certificates LLC Trust series 2004-1 have been downgraded by Fitch Ratings.Class B-2 was downgraded from BBB to BB-plus, and class B-3 was downgraded from BBB-minus to B. Fitch also affirmed the ratings on four other classes in the transaction. The downgrades were attributed to deterioration in the relationship between credit enhancement and loss expectations. The underlying collateral of the deal consists of fixed-rate, seasoned, small-balance mortgage loans secured by first and second liens on residential properties.

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