Citi MBS Classes Downgraded

Three classes of certificates issued by Citigroup Mortgage Loan Trust series 2004-CB3 have been downgraded by Moody's Investors Service. The downgrades were as follows: class B2, from Baa2 to Ba1; class B3, from Baa3 to B1; and class B4, from Ba1 to B3. "The stepping down and continuous losses have left this deal with thin credit enhancement levels and made it more vulnerable to pool deterioration in the tail end of its life," the rating agency said. Moody's can be found on the Web at http://www.moodys.com.