Fitch Rates ABSC's $1B A-B P-T Certificates Series 2003-HE4.

Business Editors

NEW YORK--(BUSINESS WIRE)--Aug. 6, 2003

Asset Backed Securities Corporation (ABSC) Home Equity Loan Trust, series 2003-HE4, $829 million classes A1, A2, A3, A4 and A-IO certificates are rated 'AAA' by Fitch Ratings. In addition, Fitch rates the following classes:

-- $65.6 million class M1 certificates 'AA';

-- $55.5 million class M2 certificates 'A';

-- $22.7 million class M3 certificates 'A-';

-- $18.1 million class M4 certificates 'BBB';

-- $17.7 million classes M5-A and M5-B certificates 'BBB-'.

The 'AAA' rating on the A1, A2, A3, A4 and A-IO senior certificates reflects the 17.81% subordination provided by classes M1, M2, M3, M4, M5-A and M5-B, monthly excess interest, and future over-collateralization (OC) of 2.20%. The 'AA' rating on the class M1 reflects the 11.30% subordination provided by classes M2, M3, M4, M5-A and M-5B, monthly excess interest, and future OC. The 'A' rating on the class M2 reflects the 5.80% subordination provided by the class M3, M4, M5-A and M5-B, monthly excess interest, and future OC. The 'A-' rating on the class M3 reflects the 3.55% subordination provided by the class M4, M5-A and M5-B, monthly excess interest, and future OC. The 'BBB' rating on the class M4 reflects the 1.75% subordination provided by the class M5-A and M5-B, monthly excess interest, and future OC. The 'BBB-' rating on the classes M5-A and M5-B is supported by monthly excess interest and future OC. In addition, the rating reflects the quality of the underlying collateral, the integrity of the legal and financial structure and the servicing capabilities of The Provident Bank. U.S. Bank National Association will act as trustee.

The mortgage pool consists of closed-end, first and second lien, fixed-rate and adjustable-rate mortgage loans with an aggregate principal balance of $1,008,603,766. As of the cut-off date (Aug. 1, 2003), the weighted average loan rate is approximately 7.560%. The weighted average remaining term to maturity is 351 months. The average cut-off date principal balance of the mortgage loans is approximately $158,710. The weighted average original combined loan-to-value ratio (CLTV) is 79.40% and the weighted average Fair, Isaac & Co. (FICO) score is 596. The properties are primarily located in California (40.56%), Florida (6.26%) and Illinois (5.64%).

New Century Mortgage Corporation, a wholly-owned subsidiary of New Century Financial Corporation, is a consumer finance and mortgage banking company that originates and sells first and second mortgage loans and other consumer loans. New Century emphasizes the origination of mortgage loans that are commonly referred to as non-conforming 'B&C' loans. New Century commenced lending operations on Feb. 26, 1996.