Fitch Rates Morgan Stanley ABS Capital I Trust Mtg P-T Certs Series 2004-NC6.

NEW YORK -- Morgan Stanley ABS Capital I Inc. Trust 2004-NC6 are rated by Fitch as follows:

--$968.2 million class A-1, A-2, A-3, A-4, and A-5 mortgage pass-through certificates 'AAA';

--$76.2 million class M-1 mortgage pass-through certificates 'AA';

--$66.0 million class M-2 mortgage pass-through certificates 'A';

--$15.0 million class M-3 mortgage pass-through certificates 'A-';

--$18.0 million class B-1 mortgage pass-through certificates 'BBB+';

--$14.4 million class B-2 mortgage pass-through certificates 'BBB';

--$15.6 million class B-3 mortgage pass-through certificates 'BBB-'.

Credit enhancement for the 'AAA' class A certificates reflects the 17.10% subordination provided by classes M-1 through M-3 and B-1 through B-3, monthly excess interest and initial overcollateralization (OC) of 2.25%. Credit enhancement for the 'AA' class M-1 certificates reflects the 10.75% subordination provided by class M-2, M-3, B-1, B-2, and B-3, monthly excess interest, and initial OC. Credit enhancement for the 'A' class M-2 certificates reflects the 5.25% subordination provided by class M-3, B-1, B-2 and B-3, monthly excess interest, and initial OC. Credit enhancement for the 'A-' class M-3 certificates reflects the 4.00% subordination provided by class B-1, B-2, and B-3, monthly excess interest, and initial OC. Credit enhancement for the 'BBB+' class B-1 certificates reflects the 2.50% subordination provided by class B-2 and B-3, monthly excess interest, and initial OC. Credit enhancement for the 'BBB' class B-2 certificates reflects the 1.30% subordination provided by class B-3, monthly excess interest, and initial OC. Credit enhancement for the 'BBB-' rating on the class B-3 is supported by monthly excess interest and initial OC of 2.25%.

In addition, the ratings reflect the integrity of the transaction's legal structure as well as the capabilities of HomEq Servicing Corporation and Chase Manhattan Mortgage Corporation as servicers. With respect to the mortgage loans to be serviced by Chase, during the period from the closing date to the transfer of servicing to Chase on Aug. 30, 2004, New Century Mortgage Corporation will act as servicer of those mortgage loans. Deutsche Bank National Trust Company will act as trustee.

The mortgage pool consists of closed-end, first lien fixed-rate and adjustable-rate subprime mortgage loans with an aggregate cut-off date principal balance of $1,200,463,529. Approximately 73.80% of the mortgage loans are adjustable-rate and 26.20% are fixed-rate loans. As of the cut-off date (July 1, 2004), the weighted average loan rate is approximately 6.893%. The weighted average remaining term to maturity is 351 months. The average cut-off date principal balance of the mortgage loans is approximately $181,093. The weighted average original loan-to-value ratio is 80.94%. The properties are primarily located in California (37.06%), Florida (7.52%), and New York (6.53%).

All of the mortgage loans were purchased by an affiliate of the depositor from NC Capital Corporation, which in turn were acquired from New Century Mortgage Corporation. New Century Mortgage Corporation, a wholly owned subsidiary of New Century Financial Corporation, is a consumer finance and mortgage banking company that originates, sells, and services first-lien and second-lien mortgage loans and other consumer loans. New Century emphasizes the origination of mortgage loans that are commonly referred to as nonconforming B&C loans. New Century commenced lending operations on Feb. 26, 1996.