Class B-3 of GS Mortgage Participation Securities mortgage pass-through certificates, series 2003-3, has been downgraded from BBB to BB by Fitch Ratings.Fitch also upgraded nine classes and affirmed the ratings on 26 classes from 13 GSMPS transactions. The downgrade resulted from higher-than-expected collateral losses and reflects deterioration in the relationship between loss expectations and credit support levels, the rating agency said. "The high delinquency rate (62.7% are 60+ days delinquent) puts this class at a greater risk of future losses," Fitch said. The underlying collateral for the transactions consists of re-performing loans insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs.

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