Thirty-one classes of Structured Asset Securities Corp. mortgage pass-through certificates have been downgraded by Fitch Ratings, and 12 classes have been placed on Rating Watch Negative.The affected classes are part of seven SASCO transactions issued in 2003 and 2006. In addition, Fitch upgraded three classes and affirmed the ratings on 73 classes from 17 SASCO deals. The negative rating actions were attributed to a deterioration in the relationship between credit enhancement and expected losses. The transactions consist of fixed- and adjustable-rate, conventional mortgage loans, virtually all of which have original terms to stated maturity of 30 years. Fitch can be found online at http://www.fitchratings.com.
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