Two certificates from the C-BASS 2002-CB6 Trust subprime mortgage securitization have been downgraded by Moody's Investors Service.Class B-2 was downgraded from Baa3 to Ba2, and class B-3 was downgraded from Ba1 to Caa2. The downgrades were based on a decrease in available credit enhancement, Moody's said. The rating agency attributed the decline to an increase in losses and a reduction in subordination resulting from the passing of performance triggers and a stepdown in overcollateralization. The underlying assets in the transaction consist of subprime residential mortgage loans.
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