Six classes of Bear Stearns Asset Backed Securities Trust series 2005-1 have been downgraded by Fitch Ratings.The downgrades were as follows: class M2, from A to BBB-minus; class M3, from A-minus to BB; class M4, from BBB-plus to BB-minus; class M5, from BBB to B; class M6, from BBB-minus to CC/DR2; and class M7, from B-plus to CC/DR3. Fitch also affirmed the ratings on two other classes in the deal. The downgrades were attributed to a deterioration in the relationship between credit enhancement and expected losses. The transaction consists of fixed- and adjustable-rate mortgage loans secured by first and second liens on residential properties. Fitch can be found on the Web at http://www.fitchratings.com.
Processing Content
