Four certificates from three transactions issued by CHL's Alternative Loan Trust in 2004 have been downgraded by Moody's Investors Service, and one certificate has been placed under review for possible downgrade.The downgrades were as follows: series 2004-6CB, class M-2, from A2 to Baa3; series 2004-6CB, class M-3, from Baa2 to B3; series 2004-8CB, class M-3, from Baa2 to Baa3; and series 2004-J5, class B, from Baa2 to Ba1. Class B of series 2004-J13 was placed under review for possible downgrade. The four classes were downgraded "because the current credit enhancement provided by subordination, overcollateralization, and excess spread is low compared to the projected pipeline losses of the underlying pool," Moody's said, while the watchlist placement was attributed to "the growing pipeline and higher-than-expected losses." All the deals are backed by first-lien alternative-A mortgage loans originated or acquired by Countrywide Home Loans Inc.

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