Fitch Rates ARSI's $1.459B A-B P-T Certificates Series 2003-W5.

Business Editors

NEW YORK--(BUSINESS WIRE)--Oct. 9, 2003

Fitch rates Argent Securities Inc. (ARSI), series 2003-W5, as follows:

-- $1.2 billion classes AV-1, AV-2 and classes AF-1 - AF-6

certificates 'AAA';

-- $93.8 million class M-1 certificates 'AA';

-- $75 million class M-2 certificates 'A';

-- $26.3 million class M-3 certificates 'A-';

-- $18.8 million class M-4 certificates 'BBB+';

-- $18.8 million class M-5 certificates 'BBB';

-- $18.8 million classes MV-6 and MF-6 certificates 'BBB-'.

Credit enhancement for the 'AAA' rated class AV-1, AV-2 and classes AF-1 through AF-6 certificates reflects the 16.75% subordination provided by classes M-1 through M-5, MV-6 and MF-6, monthly excess interest and initial overcollateralization (OC) of 2.75%. Credit enhancement for the 'AA' rated class M-1 certificates reflects the 10.50% subordination provided by classes M-2 - M-5, MV-6 and MF-6, monthly excess interest and initial OC. Credit enhancement for the 'A' rated class M-2 certificates reflects the 5.50% subordination provided by classes M-3 - M-5, MV-6 and MF-6, monthly excess interest and initial OC. Credit enhancement for the 'A-' rated class M-3 certificates reflects the 3.75% subordination provided by classes M-4, M-5, MV-6 and MF-6, monthly excess interest and initial OC. Credit enhancement for the 'BBB+' rated class M-4 certificates reflects the 2.50% subordination provided by class M-5, MV-6 and MF-6, monthly excess interest and initial OC. Credit enhancement for the 'BBB' rated class M-5 certificates reflects the 1.25% subordination provided by class MV-6 and MF-6, monthly excess interest and initial OC. Credit enhancement for the 'BBB-' rated classes MV-6 and MF-6 certificates reflects 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 (Oct. 1, 2003), the mortgage loans have an aggregate balance of $1,500,000,596. The weighted average loan rate is approximately 6.879%. The weighted average remaining term to maturity is 355 months. The average cut-off date principal balance of the mortgage loans is approximately $248,852. The weighted average original loan-to-value ratio is 81.86% and the weighted average Fair, Isaac & Co. (FICO) score was 633. The properties are primarily located in California (40.12%), Florida (8.66%) and New York (7.33%).

Approximately 92.35% of the loans were originated or acquired by Argent Mortgage Company LLC (Argent), with 7.65% of the loans originated or acquired by Olympus Mortgage Company. Both mortgage companies are subsidiaries of Ameriquest Mortgage Company, which is 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.