Two classes of Bear Stearns Mortgage Securities Inc. mortgage pass-through certificates, series 1996-6, have been downgraded by Moody's Investors Service.Class B-4 was downgraded from Ba2 to Caa2, and class B-5 was downgraded from B2 to C, the rating agency said. In addition, three classes in the deal were upgraded. Moody's attributed the downgrades to insufficient credit enhancement to cover projected losses. Classes B-5 and B-6 are completely written-down, and class B-4 took its first writedown in August, Moody's said. The rating agency can be found online at http://www.moodys.com.
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