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Class 1-B-2 of Morgan Stanley Mortgage Loan Trust 2004-6AR has been placed on review for possible downgrade by Moody's Investors Service.The negative rating action was based on an analysis of the credit enhancement provided by subordination, overcollateralization, and excess spread relative to the expected loss, Moody's said. The transaction is backed by alternative-A adjustable-rate mortgage loans.

Class M-3 of FNBA Mortgage Loan Trust 2004-AR1 has been downgraded from Baa2 to B1 by Moody's Investors Service.The downgrade was attributed to credit enhancement levels that were deemed to be low given the projected losses on the underlying pool. "The pool of mortgages has seen a spike in losses in recent months, and future losses could cause a more significant erosion of the overcollateralization," Moody's said. The transaction consists of alternative-A, first-lien, hybrid adjustable-rate loans originated by First National Bank of Nevada.

Two classes of mortgage pass-through certificates from Structured Asset Securitization Corp. 2002-22H have been downgraded by Fitch Ratings.Class B3-I was downgraded from BB to BB and placed on Rating Watch Negative, and class B4-I was downgraded from B to C/DR5. Fitch also affirmed the ratings on eight classes from the transaction. The negative rating actions reflect deterioration in the relationship between credit enhancement and expected losses, Fitch said.

The M-7 classes from People's Choice Home Loan Trust series 2004-1 and 2004-2 have been downgraded from Baa3 to B3 by Moody's Investors Service, and seven certificates from the deals have been placed on review for possible downgrade.The certificates placed on review are as follows: classes M-4, M-5, and M-6 of series 2004-1 and classes M-3, M-4, M-5, and M-6 of series 2004-2. The negative rating actions were taken because credit enhancement levels may be low given the projected losses on the underlying pools, Moody's said. The transactions are backed primarily by first-lien adjustable- and fixed-rate subprime mortgage loans. Moody's can be found online at http://www.moodys.com.

Four classes of mortgage pass-through certificates from American Home Mortgage Investment Trust 2006-1 group 2 have been downgraded by Fitch Ratings.The downgrades were as follows: class II-M-2, from A to A-minus; class II-M-3, from BBB to BBB-minus; class II-M-4, from BB to B (and placed on Rating Watch Negative); and class II-M-5, from B to B-minus/DR2. Fitch also affirmed the ratings on two classes in the transaction. The negative rating actions were attributed to deterioration in the relationship between credit enhancement and loss expectations. The collateral for the deal consists of 5/1 adjustable-rate mortgage loans made to prime and alternative-A borrowers.

Five classes of mortgage pass-through certificates from Lehman Mortgage Trust 2006-5 have been downgraded by Fitch Ratings.The downgrades were as follows: class B1, from AA to AA-minus; class B2, from A to A-minus; class B3, from BBB to BB-plus (and placed on Rating Watch Negative); class B4, from BB to B (and placed on Rating Watch Negative); and class B5, from B to C/DR5. Fitch also affirmed the ratings on two other classes in the deal. The downgrades were attributed to deterioration in the relationship between credit enhancement and loss expectations. The collateral generally consists of fixed-rate, first-lien conventional mortgages.

Sixteen classes of Structured Adjustable Rate Mortgage Loan Trust mortgage pass-through certificates have been downgraded by Fitch Ratings.Fitch also affirmed the ratings on 20 other classes in four SARM transactions. The downgrades were attributed to larger-than-expected losses stemming from "a rapidly increasing delinquency pipeline." The transactions consist of conventional first-lien mortgage loans.

Thirty-eight classes from 11 issues of First Horizon Alternative mortgage pass-through certificates have been downgraded by Fitch Ratings.Fitch also affirmed the ratings on 30 other classes in the First Horizon transactions. The downgrades were attributed to trends in the relationship between serious delinquency and credit enhancement. The collateral generally consists of adjustable-rate, first-lien alternative-A mortgages. Fitch can be found on the Web at http://www.fitchratings.com.

DiamondRock Hospitality Co., a constituent of the Standard & Poor's REIT Composite Index, will replace Energen in the S&P SmallCap 600 Index after the close of trading Nov. 7, S&P has announced.The reason for the change is that Energen, an oil and gas company, will be moving from the SmallCap 600 to the S&P MidCap 400. DiamondRock, based in Bethesda, Md., is a real estate investment trust that owns and operates upscale hotels and resorts.

Increased exposure to the subprime mortgage market, specifically mortgage-backed securities, caused U.S. Central FCU to take losses of almost $17 million in the third quarter, according to the credit union.Losses and increasing troubles in its MBS portfolio prompted Standard & Poor's to downgrade U.S. Central's short-term outlook from stable to negative. "The outlook revision," the rating agency said, "reflects increased concerns about USC's exposure to subprime, home equity, and other MBS." USC has a federal credit union charter and is regulated by the National Credit Union Administration. It serves as a "central banker" for the nation's 40 regional corporate credit unions. Regionals, in turn, provide liquidity to the nation's 8,500 personal credit unions.