Thirty-three classes of mortgage-backed securities have been downgraded by Fitch Ratings as a result of changes to its subprime loss forecasting assumptions.Fitch also affirmed the ratings on classes with outstanding balances of over $4 billion. Among the securities affected by the latest downgrades were: 26 classes from four issues of Long Beach mortgage pass-through certificates; four classes from one issue of Residential Asset Securities Corp. mortgage pass-throughs; two classes from one Residential Asset Mortgage Product transaction; and one class from a Fieldstone Mortgage Investment Trust deal. The rating actions were attributed to changes to Fitch's subprime loss forecasting assumptions that "better capture the deteriorating performance of pools from 2006 and late 2005 with regard to continued poor loan performance and home price weakness."
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