Wells Pass-Thrus Downgraded

Two classes of Wells Fargo mortgage pass-through certificates have been downgraded by Fitch Ratings, and five classes have been placed on Rating Watch Negative. Class B-5 of Wells Fargo 2006-15 has been downgraded from B to CCC/DR2, and class II-B-5 of Wells Fargo 2006-AR18 group 2 has been downgraded from B to CCC/DR2. The securities placed on Rating Watch were class B-4 of Wells Fargo 2006-15; class B-5 of Wells Fargo 2006-18; class I-B-5 of Wells Fargo 2006-AR18 group 1; class II-B-4 of Wells Fargo 2006-AR18 group 2; and class B-5 of Wells Fargo 2006-AR19. The rating agency also affirmed the ratings on 49 other classes from 10 Wells Fargo transactions. The negative rating actions reflect deterioration in the relationship between credit enhancement and loss expectations, Fitch said. The collateral consists of prime adjustable-rate mortgage loans secured primarily by one- to four-family residential properties.