Thirteen tranches from five alternative-A mortgage securitizations issued by American Home in 2006 and late 2005 have been downgraded by Moody's Investors Service, and six tranches have been placed under review for possible downgrade.The negative rating actions, affecting classes in American Home Mortgage Assets Trust and American Home Mortgage Investment Trust transactions, were based on higher-than-expected rates of delinquency, foreclosure, and real estate owned in the underlying collateral relative to credit enhancement levels, Moody's said. The collateral consists primarily of first-lien, fixed- and adjustable-rate alt-A mortgage loans.

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