Three classes of Washington Mutual residential mortgage-backed certificates, series 2002-AR12, have been downgraded and placed on Rating Watch Negative by Fitch Ratings. The downgrades were as follows: class B3, from AA-plus to A-plus; class B4, from AA-minus to A-minus; and class B5, from A-minus to BBB-minus. The negative rating actions were attributed to deterioration in the relationship between credit enhancement and expected losses. The collateral consists of 15- and 30-year, first-lien, adjustable-rate mortgages.
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