Two classes of Structured Asset Investment Loan Trust residential mortgage-backed certificates have been downgraded by Fitch Ratings, and seven classes have been placed on Rating Watch Negative.Class B1 of series 2006-1 was downgraded from BBB-minus to BB-minus, and class B2 was downgraded from BB-plus to B. The Rating Watch placements were as follows: series 2006-1, classes M8 and M9; series 2006-2, classes M7, M8, and B1; and series 2006-BNC1, classes M7 and M8. In addition, Fitch affirmed the ratings on 32 classes from four SAIL transactions. The rating agency attributed the negative rating actions to a deterioration in the relationship between credit enhancement and expected losses due to higher-than-expected delinquencies and losses and to a shortfall in overcollateralization. The pools consist primarily of fixed- and adjustable-rate, fully amortizing and balloon, first- and second-lien residential mortgage loans. Fitch can be found online at http://www.fitchratings.com.

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