Fitch Downgrades 2 & Affirms 1 Class from 1 FGIC-Insured RASC RMBS Deal.

NEW YORK -- Fitch Ratings downgrades two and affirms one class of the following residential mortgage-backed securities (RMBS).

Residential Asset Securities Corporation 2001-KS1

--Class A-1-5 downgraded to ' BB' from 'BBB';

--Class A-1-6 downgraded to ' BB' from 'BBB';

--Class A-II affirmed at 'BBB'.

Classes A-1-5, A-1-6 and A-II are insured by FGIC. 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 rating of the insurer.

Fitch downgraded FGIC's Insurer Financial Strength (IFS) rating to 'CCC' and also placed the IFS on Rating Watch Evolving. For more information, see the July 31 press release ('Fitch Downgrades FGIC's IFS to 'CCC'; Placed on Rating Watch Evolving') 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.