Four classes of Securitized Asset Backed Receivables mortgage pass-through certificates have been placed on Rating Watch Negative by Fitch Ratings.The affected classes were as follows: class B5 of series 2006-HE1; class B-5 of series 2006-FR2; class B-5 of series 2006-FR3; and class B-4 of series 2006-WM1. In addition, Fitch affirmed the ratings on 69 classes in eight SABR securitizations. The negative rating actions were attributed to deterioration in the relationship between credit enhancement and expected losses. The collateral in the transactions consists primarily of closed-end subprime residential loans secured by first- and second-lien mortgages, the rating agency said. Fitch can be found online at http://www.fitchratings.com.

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