Four certificates from Ace Securities Corp. Home Equity Loan Trust series 2006-SL2 have been downgraded and maintained on review for possible further downgrade by Moody's Investors Service, and 10 other certificates from the deal have been placed on review for possible downgrade.The downgrades were as follows: class M-8, from Baa2 to B1; class M-9A, from Baa3 to B3; class M-9B, from Baa3 to B3; and class B-1, from Ba1 to Ca. The additional classes placed on review for possible downgrade are as follows: A, M-1, M-2A, M-2B, M-3, M-4, M-5, M-6A, M-6B, and M-7. Moody's attributed the negative rating actions to "the fact that the bonds' credit enhancement levels, including excess spread, may be too low compared to the current projected loss numbers at the current rating level." The transaction is backed by subprime second-lien loans.

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