Six certificates of three deals issued by CWABS Asset-Backed Securities Trust have been downgraded by Moody's Investors Service.The downgrades were as follows: series 2002-BC3, class M-2, from A2 to Baa1, and class B-1, from Baa2 to B3; series 2003-BC6, class M-5, from Baa2 to Ba1, and class B, from Baa3 to Ba3; and series 2004-AB1, class M-4, from A3 to Baa3, and class B, from Baa2 to B1. The actions were based on an "analysis of the credit enhancement provided by subordination, overcollateralization, and excess spread relative to expected losses," Moody's said.
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