Fitch Affirms $19.3MM and Downgrades $31.5MM from 1 ABFS Subprime Transaction

Business Wire, April 29, 2008

NEW YORK -- Fitch Ratings has taken the following rating actions on one American Business Financial Services (ABFS) mortgage pass-through certificate transaction. Unless stated otherwise, any bonds that were previously placed on Rating Watch Negative are removed. Affirmations total $19.3 million and downgrades total $31.5 million.

Series 2003-1

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

--$31.5 million class M downgraded to 'A ' from 'AA'.

Deal Summary

--Originators: Various;

--60 day Delinquency: 36.90%;

--Realized Losses to date (% of Original Balance): 3.31%.

Class M is insured by Radian Asset Assurance, Inc. Fitch's policy is to maintain ratings on insured transactions at the higher of the underlying rating of the insured transaction if rated by Fitch, or the Fitch rating of the insurer.

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.