Four certificates from Ace Securities Corp. Home Equity Loan Trust series 2005-SL1 have been downgraded by Moody's Investors Service.The downgrades were as follows: class M-6, from Baa2 to Ba2; class M-7, from Baa3 to B3; class B-1, from Ba1 to Caa1; and class B-2, from Ba2 to Caa2. "The actions are based on the analysis of the credit enhancement provided by subordination, overcollateralization, and excess spread relative to expected losses," Fitch said. The transaction is backed by second-lien, fixed-rate subprime mortgage loans.

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