Fitch Affirms 52 Classes from 7 SABR Securitizations.

NEW YORK -- Fitch Ratings has affirmed the following RMBS classes from the following Securitized Asset Backed Receivables (SABR) mortgage-pass through certificates:

Series 2004-DO1

--Class A at 'AAA'

--Class M-1 at 'AA'

--Class M-2 at 'A'

--Class M-3 at 'A-'

--Class B-1 at 'BBB+'

--Class B-2 at 'BBB'

--Class B-3 at 'BBB-'

Series 2004-DO2

--Class A at 'AAA';

--Class M-1 at 'AA';

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

--Class M-3 at 'A';

--Class B-1 at 'A-';

--Class B-2 at 'BBB';

--Class B-3 at 'BBB-'.

Series 2004-NC1

--Class A at 'AAA';

--Class M-1 at 'AA';

--Class M-2 at 'A';

--Class M-3 at 'A-';

--Class B-1 at 'BBB+';

--Class B-2 at 'BBB';

--Class B-3 at 'BBB-'.

Series 2004-NC2

--Class A at 'AAA';

--Class M-1 at 'AA';

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

--Class M-3 at 'A-';

--Class B-1 at 'BBB+';

--Class B-2 d at 'BBB';

--Class B-3 at 'BBB-';

--Class B-4 at 'BB+'.

Series 2004-NC3

--Class A at 'AAA';

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

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

--Class M-3 at 'A';

--Class B-1 at 'A-';

--Class B-2 at 'BBB+';

--Class B-3 at 'BBB';

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

Series 2004-OP1

--Class A at 'AAA';

--Class M-1 at 'AA';

--Class M-2 at 'A';

--Class M-3 at 'A-';

--Class B-1 at 'BBB+';

--Class B-2 at 'BBB';

--Class B-3 at 'BBB-'.

Series 2004-OP2

--Class A at 'AAA';

--Class M-1 at 'AA';

--Class M-2 at 'A';

--Class M-3 at 'A';

--Class B-1 at 'A-';

--Class B-2 at 'BBB+';

--Class B-3 at 'BBB';

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

The affirmations reflect credit enhancement consistent with future loss expectations and affect $2.02 billion in outstanding certificates. All transactions are limited in seasoning and have overcollateralization (OC) on target.

For transactions with 'DO' in the series name, the mortgage loans included in the trusts consist of 15- and 30-year adjustable- and fixed-rate sub-prime mortgage loans secured by first-lien mortgages or deeds of trust on residential real properties. All of the mortgage loans were purchased by an affiliate of the depositor from Decision One Mortgage Company LLC, or its affiliates. The depositor for all transactions is SABR, which is a wholly owned subsidiary of Barclay's Bank PLC. The servicer is Countrywide Home Loans Servicing LP which has a 'RPS1' rating provided by Fitch.

For transactions with 'NC' in the series name, the mortgage loans included in the trusts consist of primarily adjustable- and fixed-rate sub-prime mortgage loans secured by first-lien or second-lien mortgages or deeds of trust on residential real properties. All of the mortgage loans were purchased by an affiliate of the depositor from NC Capital Corporation, which in turn acquired them from its affiliate New Century Mortgage Corporation. The servicers include Litton Loan Servicing (rated 'RPS1' by Fitch) and Provident Bank (currently does not have a rating provided by Fitch). The trustee for the 'NC' transactions is Deutsche Bank National Trust Company, a national banking association.

For transactions with 'OP' in the series name, the mortgage loans include 15- and 30-year adjustable- and fixed-rate sub-prime mortgage loans secured by first-lien and second-lien mortgages or deeds of trust on residential real properties. All of the mortgage loans were purchased by an affiliate of the depositor from Option One Mortgage Corporation or its affiliates. The servicer is Option One Mortgage Corporation (rated 'RPS1' by Fitch), and the trustee is Wells Fargo.

For further information regarding transaction-based statistics, delinquencies, or collateral attributes please visit the Fitch Ratings website 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.