Twenty-two classes of certificates from six deals issued by Aegis Asset-Backed Securities Trust have been downgraded by Moody's Investors Service.The downgrades were attributed to an analysis of the credit enhancement provided by subordination, overcollateralization, and excess spread relative to expected losses. Most of the deals have already stepped down, losing credit enhancement provided by subordination due to stepdown, the rating agency said. For all the deals, losses have begun to erode the overcollateralization, leaving the rated bonds less protected, Moody's said. The transactions are backed by fixed and adjustable-rate subprime mortgage loans.

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