Five classes of mortgage-related securities from Bear Stearns Asset Backed Securities Trust 2005-2 have been downgraded by Standard & Poor's Ratings Services. The downgrades were as follows: class M-3, from A-minus to BB-plus; class M-4, from BBB-plus to BB; class M-5, from BBB to B; class M-6, from BBB-minus to CCC; and class M-7, from B to D. S&P also affirmed the ratings on four classes in the transaction. The downgrades were attributed to pool performance that has caused the decline of actual and projected credit support, as delinquencies escalated over the past six months. The collateral backing the certificates originally consisted of a pool of scratch-and-dent mortgage loans secured by first and second liens, S&P said.
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