64 Other 1st-Lien B&C Classes Downgraded

Meanwhile, Standard & Poor's has downgraded 64 other classes backed by first-lien subprime mortgage collateral that involve CreditWatch actions taken before July 10 on 70 tranches of residential mortgage-backed securities.Of six classes that remain on CreditWatch, three remain "because the issuer is appealing the decision based on the presence of mortgage insurance," and three others remain because they involve either closed-end second-lien or alternative-A mortgage collateral, S&P reported. The 70 classes were rated from the fourth quarter of 2005 through the fourth quarter of 2006, S&P said. The rating agency can be found online at http://www.standardandpoors.com.