Class M-3 of RFSC Series 2003-RP1 Trust has been downgraded from B3 to Caa3 by Moody's Investors Service, and classes M-3 and M-4 of RFSC Series 2004-RP1 Trust have been placed on review for possible downgrade.The downgrade was attributed to continued losses that have led to "significant deterioration" in overcollateralization. The other two tranches were placed on review based on the weaker-than-expected performance of the underlying pool of subprime and re-performing residential mortgage loans, the rating agency reported.
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