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NEW YORK -- Fitch Ratings has taken the following rating actions on Long Beach residential mortgage-backed issues listed below:

Asset-Backed Securities Corporation (Long Beach Home Equity Loan Trust), series 2000-LB1 Group 1

--Class AF5 affirmed at 'AAA';

--Class AF6 affirmed at 'AAA';

--Class M1F downgraded to 'BBB+' from 'AA';

--Class M2F downgraded to 'B' from 'BBB-';

--Class BF remains at 'C'.

Asset-Backed Securities Corporation, (Long Beach Home Equity Loan Trust), series 2000-LB1 Group 2

--Class M2V affirmed at 'BBB';

--Class BV downgraded to 'C' from 'BB-'.

Long Beach Mortgage Loan Trust, series 2000-1

--Class AF-3 affirmed at 'AAA';

--Class AF-4 affirmed at 'AAA';

--Class AV-1 affirmed at 'AAA';

--Class M-1 affirmed at 'AA';

--Class M-2 downgraded to 'BB-' from 'BBB-';

--Class M-3 downgraded to 'C' from 'CCC'.

Long Beach Mortgage Loan Trust, series 2001-1

--Class A-1 affirmed at 'AAA';

--Class M-1 downgraded to 'A' from 'AA';

--Class M-2 downgraded to 'B+' from 'BBB';

--Class M-3 downgraded to 'C' from 'BB'.

Long Beach Mortgage Loan Trust, series 2001-2

--Class A-1V affirmed at 'AAA';

--Class M-1 downgraded to 'A' from 'AA';

--Class M-2 downgraded to 'BB' from 'BBB';

--Class M-3 downgraded to 'C' from 'B'.

Long Beach Mortgage Loan Trust, series 2001-3

--Class A-1 affirmed at 'AAA';

--Class A-2 affirmed at 'AAA';

--Class M-1 affirmed at 'AA';

--Class M-2 downgraded to 'BBB-' from 'BBB+';

--Class M-3 downgraded to 'C' from 'B'.

Long Beach Mortgage Loan Trust, series 2001-4 Group 1

--Class I-A affirmed at 'AAA';

--Class I-M2 downgraded to 'BBB-' from 'A-';

--Class I-M3 downgraded to 'C' from 'B+'.

Long Beach Mortgage Loan Trust, series 2001-4 Group 2

--Class II-A1 affirmed at 'AAA';

--Class II-A3 affirmed at 'AAA';

--Class II-M1 affirmed at 'AA';

--Class II-M2 affirmed at 'A';

--Class II-M3 downgraded to 'B+' from 'BB-'.

Long Beach Mortgage Loan Trust, series 2002-1 Group 1

--Class I-A affirmed at 'AAA';

--Class I-M2 affirmed at 'A';

--Class I-M3 affirmed at 'BBB'.

Long Beach Mortgage Loan Trust, series 2002-1 Group 2

--Class II-M1 affirmed at 'AA';

--Class II-M2 affirmed at 'A';

--Class II-M3 downgraded to 'BB' from 'BBB';

--Class II-M4 downgraded to 'B' from 'BB+'.

Long Beach Mortgage Loan Trust, series 2002-2 Group 1

--Class I-A affirmed at 'AAA';

--Class I-S1 affirmed at 'AAA';

--Class I-M2 affirmed at 'A';

--Class I-M3 affirmed at 'BBB';

--Class I-M4A downgraded to 'B+' from 'BBB-';

--Class I-M4B downgraded to 'B+' from 'BBB-'.

Long Beach Mortgage Loan Trust, series 2002-2 Group 2

--Class II-A affirmed at 'AAA';

--Class II-S1 affirmed at 'AAA';

--Class II-M1 affirmed at 'AA';

--Class II-M2 affirmed at 'A';

--Class II-M3 downgraded to 'BBB-' from 'BBB';

--Class II-M4A downgraded to 'B' from 'BBB-';

--Class II-M4B downgraded to 'B' from 'BBB-'.

Long Beach Mortgage Loan Trust, series 2002-3 Group 2

--Class II-A affirmed at 'AAA';

--Class II-S1 affirmed at 'AAA'.

Long Beach Mortgage Loan Trust, series 2002-4 Group 2

--Class II-A affirmed at 'AAA';

--Class II-S1 affirmed at 'AAA'.

Long Beach Mortgage Loan Trust, series 2002-5

--Class A-1 affirmed at 'AAA';

--Class S-1 affirmed at 'AAA';

--Class A-2 affirmed at 'AAA';

--Class S-2 affirmed at 'AAA';

--Class M-1 affirmed at 'AA';

--Class M-2 affirmed at 'A';

--Class M-3 affirmed at 'BBB';

--Class M-4A affirmed at 'BBB-';

--Class M-4B affirmed at 'BBB-'.

All of the mortgage loans in the aforementioned transactions were either originated or acquired by Long Beach Mortgage Company. The mortgage loans consist of fixed- and adjustable-rate subprime mortgage loans and are secured by first- and second-lien mortgages or deeds of trust on residential properties. As of the April 2005 distribution date, the transactions are seasoned from a range of 29 to 56 months, and the pool factors (current mortgage loan principal outstanding as a percentage of the initial pool) range from approximately 10% (series 2000-LB1 Group 2) to 26% (series 2002-5).

The affirmations reflect credit enhancement consistent with future loss expectations and affect approximately $1.49 billion of outstanding certificates detailed above. In addition, the affirmation on class A-1V in series 2001-2 reflects a guaranty provided by Freddie Mac (rated 'AAA' by Fitch). The affirmations on class A-1 in series 2001-3, class I-A in series 2001-4, class I-A in series 2002-1, classes I-A and I-S1 in series 2002-2, and classes A-1 and S-1 in series 2002-5 reflect a guaranty provided by Fannie Mae (rated 'AAA'). The affirmations on classes II-A and II-S1 in series 2002-3, and classes II-A and II-S1 in series 2002-4, reflect a guaranty provided by XL Capital Assurance Inc. (rated 'AAA').

The negative rating actions, which affect $526.8 million of outstanding certificates detailed above, are taken due to the continued deterioration in the performance of the underlying collateral. In the eight transactions that experience downgrade actions, the high level of losses incurred has led to substantial and rapid decline in credit enhancement (CE), particularly in the form of overcollateralization (OC). In the most severe examples (series 2000-LB1 Group 1 and series 2001-2), OC has been exhausted and the most subordinate certificates have suffered principal write-downs.

Fitch will continue to closely monitor these transactions. Further information regarding current delinquency, loss, and credit enhancement statistics is available on the Fitch Ratings website at www.fitchratings.com.

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COPYRIGHT 2005 Gale Group


 
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