Subprime Pass-Thrus Downgraded

Seventy-three classes of subprime mortgage pass-through certificates from five issuers have been downgraded by Fitch Ratings. The affected securities were as follows: 37 classes from 18 Morgan Stanley deals; 18 classes from seven IndyMac deals; 14 classes from seven Chase deals; three classes from one Industry Mortgage Co. deal; and one class from a Metropolitan Mortgage deal. Fitch also affirmed the ratings on more than 90 classes from over 40 subprime transactions. The rating agency can be found on the Web at http://www.fitchratings.com.

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