Deutsche MBS Tranches Downgraded

The ratings of 62 tranches from 12 mortgage securities deals issued by Deutsche Bank in 2006 and late 2005 have been downgraded by Moody's Investors Service, and 18 tranches have been placed under review for possible downgrade.The negative rating actions were based on higher-than-expected rates of delinquency, foreclosure, and real estate owned in the underlying collateral relative to credit enhancement levels. The collateral consists chiefly of first-lien, fixed- and adjustable-rate alternative-A mortgage loans. Moody's can be found on the Web at http://www.moodys.com.