Class M-3 of RAMP mortgage asset-backed pass-through certificates, series 2003-RP1, has been downgraded from BB to CCC and assigned a Distressed Recovery rating of DR3 by Fitch Ratings.In addition, the ratings on three other classes in the deal were affirmed. The downgrade reflects a deterioration in the relationship between the bond's credit enhancement and expected losses, Fitch said. Over the past 12 months, losses have exceeded excess spread, resulting in a reduction of the overcollateralization amount, the rating agency said. The collateral in the transaction consists of fixed- and adjustable-rate residential mortgage loans secured by first and second liens.
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