Fitch Rates ARSI's $1.086B A-B P-T Ctfs Series 2004-W8.

Business Editors

NEW YORK--(BUSINESS WIRE)--May 11, 2004

Argent Securities Inc.'s (ARSI) certificates, series 2004-W8, are rated by Fitch Ratings as follows:

-- $939.4 million classes A-1, A-2, A-3, A-4, A-5 'AAA';

-- $27 million class M-1 'AA+';

-- $25.3 million class M-2 'AA';

-- $15.4 million class M-3 'AA-'l;

-- $13.8 million class M-4 'A+';

-- $12.7 million class M-5 'A';

-- $11 million class M-6 'A-';

-- $11 million class M-7 certificates 'BBB+';

-- $11 million class M-8 'BBB';

-- $11 million class M-9 'BBB-';

-- $9.4 million class M-10 'BB+';

-- $4.4 million non-offered class M-11 Certificates 'BB'.

Credit enhancement for the 'AAA' rated class A certificates reflects the 13.80% subordination provided by classes M-1, M-2, M-3, M-4, M-5, M-6, M-7, M-8, M-9, M-10, M-11, monthly excess interest and initial overcollateralization (OC) of 0.80%. Credit enhancement for the 'AA+' rated class M-1 certificates reflects the 11.35% subordination provided by classes M-2, M-3, M-4, M-5, M-6, M-7, M-8, M-9, M-10, M-11, monthly excess interest and initial OC. Credit enhancement for the 'AA' rated class M-2 certificates reflects the 9.05% subordination provided by classes M-3, M-4, M-5, M-6, M-7, M-8, M-9, M-10, M-11, monthly excess interest and initial OC. Credit enhancement for the 'AA-' rated class M-3 certificates reflects the 7.65% subordination provided by classes M-4, M-5, M-6, M-7, M-8, M-9, M-10, M-11, monthly excess interest and initial OC. Credit enhancement for the 'A+' rated class M-4 certificates reflects the 6.40% subordination provided by class M-5, M-6, M-7, M-8, M-9, M-10, M-11, monthly excess interest and initial OC. Credit enhancement for the 'A' rated class M-5 certificates reflects the 5.25% subordination provided by class M-6, M-7, M-8, M-9, M-10, M-11, monthly excess interest and initial OC. Credit enhancement for the 'A-' rated class M-6 certificates reflects the 4.25% subordination provided by class M-7, M-8, M-9, M-10, M-11, monthly excess interest and initial OC. Credit enhancement for the 'BBB+' rated class M-7 certificates reflects the 3.25% subordination provided by class M-8, M-9, M-10, M-11, monthly excess interest and initial OC. Credit enhancement for the 'BBB' rated class M-8 certificates reflects the 2.25% subordination provided by class M-9, M-10, M-11, monthly excess interest and initial OC. Credit enhancement for the 'BBB-' rated class M-9 certificates reflects the 1.25% subordination provided by class M-10, M-11, monthly excess interest and initial OC. Credit enhancement for the 'BB+' rated class M-10 certificates reflects the 0.40% subordination provided by class M-11, monthly excess interest and initial OC. Credit enhancement for the non-offered 'BB' rated class M-11 certificates reflects the monthly excess interest and initial OC. In addition, the ratings reflect the integrity of the transaction's legal structure, as well as the capabilities of Ameriquest Mortgage Company as master servicer. Deutsche Bank National Trust Company will act as trustee.

The mortgage pool consists of closed-end, first lien subprime mortgage loans that may or may not conform to Freddie Mac and Fannie Mae loan limits. As of the Cut-Off date (May 1, 2004), the mortgage loans have an aggregate balance of $1,100,000,000. The weighted average loan rate is approximately 7.16%. The weighted average remaining term to maturity (WAM) is 356 months. The average Cut-Off date principal balance of the mortgage loans is approximately $173,424. The weighted average original loan-to-value ratio (OLTV) is 79.50% and the weighted average Fair, Isaac & Co. (FICO) score was 600. The properties are primarily located in California (34.73%), Florida (8.22%) and Illinois (7.58%).

Approximately 88.54% of the loans were originated or acquired by Argent Mortgage Company, LLC (Argent), and 11.46% of the loans originated or acquired by Olympus Mortgage Company. Both mortgage companies are subsidiaries of Ameriquest Mortgage Company, a specialty finance company engaged in the business of originating, purchasing and selling retail and wholesale subprime mortgage loans. Both Argent and Olympus focus primarily on wholesale subprime mortgage loans.