Two classes of Structured Asset Security Corp. Amortizing Residential Collateral Trust series ARC 2001-BC5 have been downgraded by Fitch Ratings.Class M-1 was downgraded from AA to AA-minus, and class M-2 was downgraded from A to BBB-plus. Fitch also affirmed the rating on one other class in the transaction. The downgrades were attributed to a deterioration in the relationship between credit enhancement and expected losses due to higher-than-expected serious delinquencies and to overcollateralization that is below the target amount. Approximately 41% of the pool is more than 60 days delinquent, and in five of the past 12 months the excess spread has not been sufficient to cover the monthly losses, the rating agency reported. The pool consists of subprime fixed- and adjustable-rate mortgage loans secured by first and second liens, primarily on one- to four-family residential properties.

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