Fitch Rates ACE Securities Home Equity Loan Trust, Series 2005-HE4.

NEW YORK -- ACE Securities Corp. Home Equity Loan Trust, asset-backed pass-through certificates, series 2005-HE4, are rated by Fitch as follows:

--$1.149 billion class A (senior certificates) 'AAA';

--$52.6 million class M-1 and the $45.3 million class M-2 'AA+';

--$26.3 million class M-3 'AA';

--$24.8 million class M-4 'AA-';

--$22.6 million class M-5 'A+';

--$20.4 million class M-6 'A';

--$19.0 million class M-7 'A-';

--$17.5 million class M-8 'BBB+';

--$12.4 million class M-9 and the $10.2 million class M-10 'BBB' (collectively, the subordinate certificates).

The 'AAA' rating on the senior certificates reflects the 21.30% initial credit enhancement provided by 3.60% class M-1, the 3.10% class M-2, the 1.80% class M-3, the 1.70% class M-4, the 1.55% class M-5, the 1.40% class M-6, the 1.30% class M-7, the 1.20% class M-8, the 0.85% class M-9, the 0.70% class M-10, the 0.95% privately offered class B-1, the 1.20% privately offered class B-2, and the 1.10% privately offered and unrated class B-3, along with overcollateralization (OC). The initial and target OC is 0.85%. All certificates have the benefit of excess interest. In addition, the ratings also reflect the quality of the loans, the soundness of the legal and financial structures, and the capabilities of Countrywide Home Loans Servicing LP, Saxon Mortgage Services, Inc., and Ocwen Federal Bank FSB as servicers, which are rated 'RPS1', 'RPS2+', and 'RPS2', respectively, by Fitch.

The collateral pool consists of fixed- and adjustable-rate mortgage loans and totals $1.46 billion as of the cut-off date. On the closing date, the depositor will deposit approximately $320,637,399 into a prefunding account. The amount in this account will be used to purchase subsequent mortgage loans on or before the 90th day following the closing date. The weighted average OLTV is 80.96%. The average outstanding principal balance is $170,829, the weighted average coupon is 7.167%, and the weighted average remaining term is 352 months. The weighted average credit score is 629. The loans are geographically concentrated in CA (39.67%), FL (9.15%), and NY (4.48%).

New Century Mortgage Corporation originated 63.89% of the mortgage loans. New Century is a California company that originates and purchases loans through both its wholesale and retail networks. The remainder of the mortgage loans was originated by various originators, none of which have originated more than 10% of the mortgage loans.

Fitch's rating definitions are available on the agency's public web site, www.fitchratings.com. Published ratings, criteria and methodologies and relevant policies and procedures are also available from this site, at all times. This document will remain on the public site for seven days.