Three certificates from two deals issued by GSAMP Trust in 2002 and 2003 have been downgraded by Moody's Investors Service.The downgrades were as follows: series 2002-HE, class B-1, from Baa1 to Ba2, and class B-2, from Baa2 to B1; and series 2003-HE1, class B-2, from Baa3 to B2. In addition, class B-2 from series 2003-HE2 was placed on review for possible downgrade, and the ratings on three certificates were confirmed. The actions were based on an "analysis of the credit enhancement provided by subordination, overcollateralization, and excess spread relative to the expected loss," Moody's said. The rating agency can be found online at http://www.moodys.com.
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