Three classes of Saxon Asset Securities Trust residential mortgage-backed securities have been placed on Rating Watch Negative by Fitch Ratings.The affected securities were as follows: class BV-2 of series 2000-2 group 2; class MF-3 of series 2003-3 group 1; and class M-2 of series 2001-3. In addition, three Saxon classes were upgraded and the ratings on 29 classes in 12 Saxon deals were affirmed. Fitch attributed the negative rating actions to "current trends in the relationship between serious delinquency and credit enhancement." The pool collateral consists of fixed- and adjustable-rate subprime residential mortgages, the rating agency said.
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