Terwin ABS Classes Downgraded

Three classes of Terwin Mortgage Trust asset-backed certificates have been downgraded by Fitch Ratings.The downgrades in Terwin 2003-6HE were as follows: class M-3, from BBB-minus to BB; class M-4, from BB to B; and class M-5, from B to C/DR5. The downgrades were attributed to deterioration in the relationship between credit enhancement and expected losses. The collateral backing the deal consists of first- and second-lien mortgage loans.