Three 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-3, from BB to B; class B-4, from B to CCC; and class B-5, from CCC to C. In addition, the ratings on three other classes from the deal were affirmed. The downgrades were attributed to higher-than-expected collateral losses and a deterioration in the relationship between loss expectations and credit support levels. The collateral for the deal consists of reperforming loans backed by the Federal Housing Administration or the Department of Veterans Affairs, Fitch said. The rating agency can be found online at http://www.fitchratings.com.
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