Two classes of GS Mortgage Participation Securities mortgage pass-through certificates have been downgraded by Fitch Ratings.The downgrades, from GSMPS Mortgage Loan Trust 2003-3, were as follows: class B-4, from BB to B, and class B-5, from B to CCC. In addition, the ratings on five other classes from the deal and one class from a second GSMPS transaction were affirmed. The downgrades were attributed to growing average monthly losses in series 2003-3 over the past 12 months, from $73,000 to $115,000 per month. The collateral for the deal consists of reperforming loans backed by the Federal Housing Administration or the Department of Veterans Affairs, Fitch said.
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