Fitch Rates ARSI Asset-Backed Pass-Thru Ctfs Series 2004-W4.

Business Editors

NEW YORK--(BUSINESS WIRE)--March 9, 2004

Argent Securities Inc.'s (ARSI) asset-backed pass-through certificates, series 2004-W4, are rated by Fitch as follows:

-- $463.3 million class A 'AAA';

-- $7.5 million class M-1 'BBB+';

-- $5 million class M-2 'BBB';

-- $6.3 million class M-3 'BBB-';

-- $5.8 million class M-4 'BB+'.

Credit enhancement for the 'AAA' rated class A certificates reflects the 4.90% subordination provided by classes M-1, M-2, M-3, M-4, monthly excess interest, and initial overcollateralization (OC) of 2.45%. In addition, the class A certificates have the benefit of a certificate guaranty insurance policy issued by XL Capital Assurance Inc. (XL Capital), whose insurer financial strength is rated 'AAA' by Fitch. Credit enhancement for the 'BBB+' rated class M-1 certificates reflects the 3.40% subordination provided by classes M-2, M-3, M-4, monthly excess interest and initial OC. Credit enhancement for the 'BBB' rated class M-2 certificates reflects the 2.40% subordination provided by classes M-3, M-4, monthly excess interest and initial OC. Credit enhancement for the 'BBB-' rated class M-3 certificates reflects the 1.15% subordination provided by class M-4, monthly excess interest and initial OC. Credit enhancement for the 'BB+' rated class M-4 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 (March 1, 2004), the mortgage loans have an aggregate balance of $500,000,053. The weighted average loan rate is approximately 7.15%. The weighted average remaining term to maturity (WAM) is 354 months. The average cut-off date principal balance of the mortgage loans is approximately $180,115. The weighted average original loan-to-value ratio (OLTV) is 85.37% and the weighted average Fair, Isaac & Co. (FICO) score was 622. The properties are primarily located in California (26.82%), Florida (10.33%) and New York (9.94%).

Approximately 95.07% of the loans were originated or acquired by Argent Mortgage Company, LLC (Argent), and 4.93% of the loans were 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.