CSFB MBS Classes Downgraded

Five certificates from two transactions issued by CSFB Home Equity Mortgage Trust in 2006 have been downgraded and placed on review for possible further downgrade by Moody's Investors Service.The downgrades were as follows: CSFB Home Equity Mortgage Trust 2006-3, class M-10, from Baa3 to B3, class B-1, from Ba1 to Caa1, and class B-2, from Ba2 to Caa2; and CSFB Home Equity Mortgage Trust 2006-4, class B-1, from Ba1 to Caa1, and class B-2, from Ba2 to Caa2. In addition, Moody's placed 10 classes from three CSFB transactions on review for possible downgrade. The negative rating actions were based on the fact that the bonds' credit enhancement levels (including excess spread) may be too low in view of projected losses, Moody's said. The transactions are backed by second-lien loans.