Fitch Rates ABSC's $895.6MM Asset Backed P-T Ctfs NC 2006-HE4.

NEW YORK -- Asset Backed Securities Corporation (ABSC) Home Equity Loan Trust's mortgage pass-through certificates, series NC 2006-HE4, are rated by Fitch Ratings as follows:

--$688.7 million classes A1-A and A-1 - A6 'AAA';

--$87.3 million class M1 'AA';

--$25 million class M2 'AA-';

--$17.7 million class M3 'A+';

--$16.8 million class M4 'A';

--$10.5 million class M5 'A-';

--$11.4 million class M6 'BBB+';

--$6.8 million class M7 'BBB';

--$10.9 million class M8 'BBB-';

--$11.4 million privately offered class M9 'BB+';

--$9.1 million privately offered class M10 'BB'.

The 'AAA' rating on the senior certificates reflects the 24.25% total credit enhancement provided by the 9.60% class M1, 2.75% class M2, 1.95% class M3, 1.85% class M4, 1.15% class M5, 1.25% class M6, 0.75% class M7, 1.20% class M8, 1.25% class M9, 1% class M10 and 1.50% initial overcollateralization (OC). All certificates have the benefit of monthly excess cash flow to absorb losses. In addition, the ratings reflect the integrity of the transaction's legal structure, as well as the primary servicing capabilities of HomEq Servicing Corporation as servicer. U.S. Bank National Association will act as trustee. All of the mortgage loans were purchased by an affiliate of the depositor from NC Capital Corporation, which in turn acquired them from New Century Mortgage Corporation.

As of the cut-off date (April 1, 2006), the mortgage loans have an aggregate balance of $909,199,782. The weighted average mortgage rate is approximately 8.270% and the weighted average remaining term to maturity (WAM) is 357 months. The average cut-off date principal balance of the mortgage loans is approximately $192,657. The weighted average original loan-to-value ratio (OLTV) of the first lien loans is 81.11% and the weighted average combined OLTV of the second lien loans is 99.83%. The weighted average Fair, Isaac & Co. (FICO) score is 606. The properties are primarily located in California (26.36%), New York (10.41%), Florida (8.51%) and New Jersey (6.66%).

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.