Fitch Affirms $61.8MM & Downgrades $79.1MM from 2 Bear Stearns Subprime Deals

Business Wire, April 28, 2008

NEW YORK -- Fitch Ratings has taken the following rating actions on the Bear Stearns Asset Backed Securities transactions listed below. Unless stated otherwise, any bonds that were previously placed on Rating Watch Negative are removed. Affirmations total $61.8 million and downgrades total $79.1 million. Additionally, Fitch placed $13.7 million on Rating Watch Negative.

BSABS Trust 2003-ABF1

--$13.7 million class A, rated 'AAA', placed on Rating Watch Negative;

--$28.8 million class M downgraded to 'A ' from 'AA'.

Deal Summary

--Originators: American Business Financial Services

--60 day Delinquency: 21.26%

--Realized Losses to date (% of Original Balance): 2.38%

Bear Stearns Asset Backed Securities, Inc 2004-HE6

--$14.8 million class M-1 affirmed at 'AA';

--$47 million class M-2 affirmed at 'A';

--$13.8 million class M-3 downgraded to 'BBB' from 'A-';

--$11.5 million class M-4 downgraded to 'BB ' from 'BBB ';

--$10.1 million class M-5 downgraded to 'BB' from 'BBB';

--$9 million class M-6 downgraded to 'B' from 'BBB-';

--$5.9 million class M-7B downgraded to 'C/DR5' from 'BB'.

Deal Summary

--Originators: People's Choice Home Loan, Inc. (42.15%), Fremont Investment & Loan (30.38%), Encore Credit Corporation (17.06%).

--60 day Delinquency: 20.49%

--Realized Losses to date (% of Original Balance): 1.88%

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.