Fitch Upgrades 27 & Affirms 46 RMBS Classes of Wells Fargo Mortgage Backed Securities

Business Wire, Oct 18, 2005

NEW YORK -- Fitch Ratings has taken rating actions on the following Wells Fargo Mortgage Backed Securities:

Series 2002-10

-- Class A affirmed at 'AAA'

-- Class B-1 affirmed at 'AAA'

-- Class B-2 affirmed at 'AAA'

-- Class B-3 upgraded to 'AA ' from 'AA-'

-- Class B-4 upgraded to 'A ' from 'A-'

-- Class B-5 upgraded to 'A' from 'BB'

Series 2002-14

-- Class A affirmed at 'AAA'

-- Class B-1 affirmed at 'AAA'

-- Class B-2 affirmed at 'AAA'

-- Class B-3 upgraded to 'AAA' from 'AA'

-- Class B-4 upgraded to 'AA' from 'A'

-- Class B-5 upgraded to 'A' from 'BB '

Series 2002-17

-- Class A affirmed at 'AAA'

Series 2002-18

-- Class A affirmed at 'AAA'

Series 2002-19

-- Class A affirmed at 'AAA'

Series 2002-20

-- Class A affirmed at 'AAA'

Series 2003-3

-- Class A affirmed at 'AAA'

Series 2003-4

-- Class A affirmed at 'AAA'

-- Class B-1 upgraded to 'AA ' from 'AA'

-- Class B-2 upgraded to 'AA' from 'A'

-- Class B-3 upgraded to 'A' from 'BBB'

-- Class B-4 upgraded to 'BBB' from 'BB'

-- Class B-5 upgraded to 'BB' from 'B'

Series 2003-5

-- Class A affirmed at 'AAA'

-- Class B-1 affirmed at 'AAA'

-- Class B-2 upgraded to 'AA ' from 'AA'

-- Class B-3 upgraded to 'AA-' from 'A'

-- Class B-4 upgraded to 'BBB ' from 'BB '

-- Class B-5 upgraded to 'BB' from 'B '

Series 2003-9

-- Class I-A affirmed at 'AAA'

-- Class II-A affirmed at 'AAA'

-- Class I-B-1 affirmed at 'AA'

-- Class I-B-2 upgraded to 'A ' from 'A'

-- Class I-B-3 upgraded to 'BBB ' from 'BBB'

-- Class I-B-4 affirmed at 'BB'

-- Class I-B-5 affirmed at 'B'

-- Class II-B-1 upgraded to 'AA ' from 'AA'

-- Class II-B-2 upgraded to 'AA-' from 'A'

-- Class II-B-3 upgraded to 'A-' from 'BBB'

-- Class II-B-4 upgraded to 'BBB-' from 'BB'

-- Class II-B-5 upgraded to 'BB-' from 'B'

Series 2003-10

-- Class A affirmed at 'AAA'

Series 2003-12

-- Class A affirmed at 'AAA'

Series 2003-13

-- Class A affirmed at 'AAA'

Series 2003-14

-- Class A affirmed at 'AAA'

Series 2003-16

-- Class A affirmed at 'AAA'

-- Class B-2 affirmed at 'A'

-- Class B-5 affirmed at 'B'

Series 2003-17

-- Class A affirmed at 'AAA'

Series 2003-18

-- Class A affirmed at 'AAA'

Series 2003-19

-- Class A affirmed at 'AAA'

Series 2003-B

-- Class A affirmed at 'AAA'

-- Class B-1 affirmed at 'AAA'

-- Class B-2 affirmed at 'AA'

-- Class B-3 affirmed at 'A'

-- Class B-4 affirmed at 'BB '

-- Class B-5 affirmed at 'B '

Series 2003-I

-- Class A affirmed at 'AAA'

-- Class B-1 upgraded to 'AA ' from 'AA'

-- Class B-2 upgraded to 'A ' from 'A'

-- Class B-3 upgraded to 'BBB ' from 'BBB'

-- Class B-4 upgraded to 'BB ' from 'BB'

-- Class B-5 upgraded to 'B ' from 'B'

Series 2003-K

-- Class A affirmed at 'AAA'

Series 2003-M

-- Class A affirmed at 'AAA'

Series 2003-O

-- Class A affirmed at 'AAA'

Series 2004-4

-- Class A affirmed at 'AAA'

-- Class B-1 affirmed at 'AA'

-- Class B-2 affirmed at 'A'

-- Class B-3 affirmed at 'BBB'

-- Class B-4 affirmed at 'BB'

-- Class B-5 affirmed at 'B'

Series 2004-7

-- Class A affirmed at 'AAA'

Series 2004-8

-- Class A affirmed at 'AAA'

The mortgage loans consist of fixed-rate and adjustable-rate, 15- and 30-year mortgages extended to prime borrowers and are secured by first and second liens, primarily on one- to four-family residential properties. As of the September 2005 distribution date, the transactions are seasoned from a range of 14 to 40 months and the pool factors (current mortgage loan principal outstanding as a percentage of the initial pool) range from 10.12% (2002-17) to 86.42% (2004-7). All of the loans are serviced by Wells Fargo Home Mortgage, which is rated 'RPS1' by Fitch.

The affirmations reflect a stable relationship between credit enhancement and future loss expectations and affect approximately $8.458 billion of outstanding certificates.

The upgrades reflect an increased amount of credit support and lower-than-expected delinquencies and affect approximately $37.27 million. For the 2002 vintage bonds, the credit enhancement has risen to an average of 5.5 times the original levels; for the 2003 vintage bonds, the credit enhancement has risen to an average of nearly 2 times the original.

Fitch will continue to closely monitor these transactions. Further information regarding current delinquency, loss, and credit enhancement statistics is available on the Fitch Ratings web site 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.