Two classes of subprime certificates issued by Aames Mortgage Trust have been downgraded by Moody's Investors Service, and nine classes have been placed on review for possible downgrade. Class M-2 of Aames Mortgage Trust 2002-1 has been downgraded from Baa1 to Baa2, and class B has been downgraded from B1 to Caa2. The securities placed under review are classes M-6, M-7, M-8, and M-9 of Aames Mortgage Investment Trust 2004-1 and classes M-5, M-6, M-7, M-8, and M-9 of Aames Mortgage Investment Trust 2005-1. The actions were based on an analysis of the credit enhancement provided by subordination, overcollateralization, and excess spread relative to expected losses, Moody's said.

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