Three classes of Structured Asset Securities Corp. residential mortgage-backed certificates have been downgraded by Fitch Ratings.The downgrades were as follows: series 1999-SP1 pools 1, 2, and 3, class B, from BBB to BB-plus; series 2002-BC1, class M3, from CCC/DR2 to CC/DR2; and series 2002-HF2, class B2, from B to CC/DR2. In addition, the Distressed Recovery rating of series 2003-BC2 class B2 was changed from DR6 to DR2. Fitch also upgraded two SASCO classes and affirmed the ratings on 49 classes from 15 SASCO deals. Fitch attributed the downgrades to deterioration in the relationship between credit enhancement and expected losses.
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