Fitch Rates ACE Securities Corp. HEL Trust $842.1MM Series 2003-NC1.

Business Editors

NEW YORK--(BUSINESS WIRE)--Oct. 16, 2003

Fitch rates ACE Securities Corp. Home Equity Loan Trust, series 2003-NC1, as follows:

-- $724.9 million class A-1, A-2A , A-2B and A-2C mortgage

pass-through certificates AAA';

-- $42.6 million class M-1 mortgage pass-through certificates

'AA+';

-- $38.4 million class M-2 mortgage pass-through certificates

'A+';

-- $8.5 million class M-3 mortgage pass-through certificates 'A';

-- $10.7 million class M-4 mortgage pass-through certificates

'A-';

-- $10.7 million class M-5 mortgage pass-through certificates

'BBB';

-- $6.4 million class M-6 mortgage pass-through certificates

'BBB-'.

Credit enhancement for the 'AAA' class A certificates reflects the 13.75% subordination provided by classes M-1 through M-6, monthly excess interest and initial overcollateralization (OC) of 1.25%. Credit enhancement for the 'AA+' class M-1 certificates reflects the 8.75% subordination provided by classes M-2 through M-6, monthly excess interest and initial OC. Credit enhancement for the 'A+' class M-2 certificates reflects the 4.25% subordination provided by classes M-3 through M-6, monthly excess interest and initial OC. Credit enhancement for the 'A' class M-3 certificates reflects the 3.25% subordination provided by classes M-4 through M-6, monthly excess interest and initial OC. Credit enhancement for the 'A-' class M-4 certificates reflects the 2% subordination provided by classes M-5 and M-6, monthly excess interest and initial OC. Credit enhancement for the 'BBB' class M-5 certificates reflects the 0.75% subordination provided by class M-6, monthly excess interest and initial OC. Credit enhancement for the 'BBB-' rating on the class M-6 is supported by monthly excess interest and initial OC of 1.25%. In addition, the ratings reflect the integrity of the transaction's legal structure, as well as the capabilities of Ocwen Federal Bank FSB and Provident Bank as servicers. Bank One, National Association will act as trustee.

As of the cut-off date (Oct. 1, 2003), the mortgage pool consists of closed-end, first and second lien fixed-rate and adjustable-rate subprime mortgage loans, with an aggregate principal balance of $852,838,925. Approximately 53.30% of the mortgage loans will be insured by a mortgage insurance policy issued by Mortgage Guaranty Insurance Corporation. The policy will insure covered loans with a loan-to-value ratio (LTV) in excess of 60% down to an effective LTV of 60%. Approximately 72.58% of the mortgage loans are adjustable-rate and 27.42% are fixed-rate loans. The weighted average loan rate is approximately 7.52%. The weighted average remaining term to maturity is 349 months. The average cut-off date principal balance of the mortgage loans is approximately $154,752. The weighted average original combined loan-to-value ratio (CLTV) is 79.01%. The properties are primarily located in California (38.60%), Florida (6.56%) and Texas (5.89%).

All of the mortgage loans were purchased by an affiliate of the depositor from New Century Capital Corporation, which in turn were acquired from New Century Mortgage Corporation, a wholly-owned subsidiary of New Century Financial Corporation. New Century Mortgage Corporation is a consumer finance and mortgage banking company that originates, sells and services 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.