Four classes from two issues of UBS Mortgage Asset Securitization Transactions Asset Back Securities Trust mortgage pass-through certificates have been downgraded by Fitch Ratings.The downgrades were as follows: series 2003-WMC2, class M-5, from BBB to BB, and class M-6, from BB-plus to B-/DR1; and series 2004-OPT1, class M-6, from BBB-minus to BB, and class M-7, from BB-plus to CCC/DR2. In addition, Fitch affirmed the ratings on nine classes from the two deals. The downgrades were attributed to deterioration in the relationship between credit enhancement and expected losses. The collateral for the transactions consists of fixed- and adjustable-rate subprime mortgage loans secured by first and second liens on residential properties.
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