Class B-3 of Specialty Underwriting & Residential Finance asset-backed certificates, series 2005-AB1, has been placed on Rating Watch Negative by Fitch Ratings.Fitch also upgraded two classes in two SURF transactions and affirmed the ratings on 26 classes from four SURF deals. The negative rating action was attributed to monthly collateral losses that have caused a deterioration in the overcollateralization. SURF acts as program administrator for the seller, Merrill Lynch Mortgage Lending Inc., and its loan acquisition program facilitates the purchase by the Merrill Lynch company of eligible nonconforming loans from various SURF-approved originators, Fitch said.
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