Fitch Affirms $2B and Downgrades $247.3MM from 11 Countrywide Subprime Transactions

NEW YORK--(BUSINESS WIRE)--Fitch Ratings has taken the following rating actions on Countrywide mortgage pass-through certificates. Unless stated otherwise, any bonds that were previously placed on Rating Watch Negative are removed. Affirmations total $2 billion and downgrades total $247.3 million.

CWABS 2003-BC3

--$9.5 million class A-2 affirmed at 'AAA';

--$22.8 million class M-1 downgraded to 'BB+' from 'A';

--$1.2 million class M-2 downgraded to 'B' from 'BBB+';

--$1.2 million class M-3 downgraded to 'C/DR5' from 'BB+';

--$0.5 million class M-4 downgraded to 'C/DR6' from 'B';

--$0.1 million class M-5 downgraded to 'C/DR6' from 'B';

--$0.1 million class M-6 downgraded to 'C/DR6' from 'B'.

Deal Summary

--Originators: Various

--60+ day Delinquency: 26.73%

--Realized Losses to date (% of Original Balance): 1.98%

CWABS 2003-BC4

--$41.8 million class M-1 affirmed at 'AA';

--$12.0 million class M-2 affirmed at 'AA-';

--$3.3 million class M-3 affirmed at 'A';

--$2.4 million class M-4 downgraded to 'BB+' from 'BBB';

--$1.9 million class M-5 downgraded to 'B' from 'BB+';

--$1.2 million class M-6 downgraded to 'C/DR4' from 'B';

--$0.1 million class B downgraded to 'C/DR5' from 'B'.

Deal Summary

--Originators: Various

--60+ day Delinquency: 18.01%

--Realized Losses to date (% of Original Balance): 1.03%

CWABS 2003-BC5

--$7.3 million class 1-A affirmed at 'AAA';

--$19.3 million class 2-A-2 affirmed at 'AAA';

--$14.1 million class M-1 affirmed at 'AA';

--$0.8 million class M-2 affirmed at 'A+';

--$0.9 million class M-3 affirmed at 'A';

--$1.6 million class M-4 affirmed at 'BBB';

--$0.3 million class M-5 downgraded to 'BB-' from 'BBB-';

--$0.6 million class M-6 downgraded to 'CCC/DR1' from 'B'.

Deal Summary

--Originators: Various

--60+ day Delinquency: 16.06%

--Realized Losses to date (% of Original Balance): 1.12%

CWABS 2003-BC6

--$22.6 million class M-1 affirmed at 'AA';

--$13.8 million class M-2 affirmed at 'A+';

--$1.4 million class M-3 affirmed at 'A';

--$1.5 million class M-4 affirmed at 'A-';

--$1.6 million class M-5 downgraded to 'B' from 'BB+';

--$1.1 million class B remains at 'CC/DR4'.

Deal Summary

--Originators: Various

--60+ day Delinquency: 12.35%

--Realized Losses to date (% of Original Balance): 1.21%

CWABS 2003-5 Group 1

--$66.1 million class AF-5 affirmed at 'AAA';

--$156.1 million class AF-6 affirmed at 'AAA';

--$71.0 million class MF-1 affirmed at 'AAA';

--$32.4 million class MF-2 affirmed at 'AA-';

--$9.5 million class MF-3 affirmed at 'A+';

--$9.5 million class MF-4 affirmed at 'A+';

--$7.6 million class MF-5 affirmed at 'A';

--$7.6 million class BF affirmed at 'A-'.

Deal Summary

--Originators: Countrywide

--60+ day Delinquency: 6.79%

--Realized Losses to date (% of Original Balance): 0.52%

CWABS 2003-5 Group 2

--$4.5 million class MV-1 affirmed at 'AA+';

--$79.8 million class MV-2 downgraded to 'BBB+' from 'A+';

--$3.8 million class MV-3 downgraded to 'BBB-' from 'A';

--$2.7 million class MV-4 downgraded to 'BB' from 'BBB';

--$1.9 million class MV-5 downgraded to 'BB-' from 'BBB-';

--$0.1 million class BV downgraded to 'BB-' from 'BBB-'.

Deal Summary

--Originators: Countrywide

--60+ day Delinquency: 40.99%

--Realized Losses to date (% of Original Balance): 1.55%

CWABS 2004-BC4

--$0.2 million class 1-A-1 affirmed at 'AAA';

--$0.0 million class 1-A-2 affirmed at 'AAA';

--$9.4 million class 2-A-3 affirmed at 'AAA';

--$45.5 million class M-1 affirmed at 'AA+';

--$22.5 million class M-2 affirmed at 'AA';

--$11.5 million class M-3 affirmed at 'AA-';

--$12.0 million class M-4 affirmed at 'A+';

--$11.5 million class M-5 affirmed at 'A';

--$10.0 million class M-6 downgraded to 'BBB+' from 'A-';

--$12.5 million class M-7 downgraded to 'BBB-' from 'BBB+';

--$7.5 million class M-8 downgraded to 'BB' from 'BBB';

--$7.0 million class B downgraded to 'BB-' from 'BBB-'.

Deal Summary

--Originators: Various

--60+ day Delinquency: 18.59%

--Realized Losses to date (% of Original Balance): 0.61%

CWABS 2004-1

--$47.9 million class 1-A affirmed at 'AAA';

--$1.8 million class 2-A affirmed at 'AAA';

--$2.1 million class 3-A affirmed at 'AAA';

--$104.3 million class M-1 affirmed at 'AA+';

--$88.3 million class M-2 affirmed at 'AA';

--$56.2 million class M-3 affirmed at 'AA-';

--$48.2 million class M-4 affirmed at 'A+';

--$32.6 million class M-5 affirmed at 'A+';

--$13.3 million class M-6 affirmed at 'A';

--$11.1 million class M-7 affirmed at 'A-';

--$11.1 million class M-8 affirmed at 'BBB';

--$11.3 million class M-9 affirmed at 'BBB-';

--$4.7 million class B affirmed at 'BB+'.

Deal Summary

--Originators: Countrywide

--60+ day Delinquency: 14.92%

--Realized Losses to date (% of Original Balance): 1.04%

CWABS 2004-5

--$149.6 million class 1-A affirmed at 'AAA';

--$92.5 million class 2-A affirmed at 'AAA';

--$30.4 million class 3-A affirmed at 'AAA';

--$13.3 million class 4-A-3 affirmed at 'AAA';

--$33.5 million class 4-A-4 affirmed at 'AAA';

--$12.8 million class A affirmed at 'AAA';

--$129.0 million class M-1 affirmed at 'AA+';

--$86.0 million class M-2 affirmed at 'AA';

--$52.3 million class M-3 affirmed at 'AA-';

--$25.6 million class M-4 affirmed at 'A+';

--$22.0 million class M-5 affirmed at 'A';

--$18.3 million class M-6 affirmed at 'A-';

--$22.0 million class M-7 downgraded to 'BBB' from 'BBB+';

--$19.7 million class B downgraded to 'BB' from 'BBB-'.

Deal Summary

--Originators: Countrywide

--60+ day Delinquency: 19.51%

--Realized Losses to date (% of Original Balance): 1.11%

CWABS 2004-8

--$19.9 million class 1-A-1 affirmed at 'AAA';

--$25.2 million class 2-A-3 affirmed at 'AAA';

--$33.0 million class M-1 affirmed at 'AA+';

--$16.5 million class M-2 affirmed at 'AA';

--$8.6 million class M-3 affirmed at 'AA-';

--$9.0 million class M-4 downgraded to 'A-' from 'A+';

--$7.6 million class M-5 downgraded to 'BBB+' from 'A';

--$3.0 million class M-6 downgraded to 'BBB-' from 'A-';

--$3.1 million class M-7 downgraded to 'BB+' from 'BBB+';

--$2.7 million class M-8 downgraded to 'BB' from 'BBB';

--$2.0 million class B downgraded to 'BB-' from 'BBB-'.

Deal Summary

--Originators: Countrywide

--60+ day Delinquency: 28.68%

--Realized Losses to date (% of Original Balance): 0.69%

CWABS 2004-11

--$57.1 million class A-3 affirmed at 'AAA';

--$37.1 million class M-1 affirmed at 'AA+';

--$18.8 million class M-2 affirmed at 'AA';

--$9.4 million class M-3 affirmed at 'AA-';

--$9.4 million class M-4 affirmed at 'A+';

--$4.2 million class M-5 downgraded to 'BBB+' from 'A';

--$4.0 million class M-6 downgraded to 'BBB' from 'A-';

--$4.0 million class M-7 downgraded to 'BB+' from 'BBB+';

--$4.0 million class M-8 downgraded to 'BB' from 'BBB';

--$2.5 million class B downgraded to 'B' from 'BB'.

Deal Summary

--Originators: Countrywide

--60+ day Delinquency: 28.76%

--Realized Losses to date (% of Original Balance): 1.22%

Additional details are available in the following research, available at www.fitchratings.com

--'Downgrade Criteria for Recent Vintage U.S. Subprime RMBS' (Aug. 8, 2007).

All of Fitch's ratings criteria for US subprime RMBS available at www.fitchratings.com/subprime. For a list of deals currently under analysis please visit www.fitchratings.com/smartview.

Further information regarding current delinquency, loss, and credit enhancement statistics is also available at www.fitchratings.com.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.