Three classes of GSRPM Mortgage Loan Trust, series 2002-1, have been downgraded by Fitch Ratings.The downgrades were as follows: class M-1, from AA-minus to A; class M-2, from BBB to BB; and class B, from BB-minus to B. Fitch also affirmed the rating on one class in the transaction. The downgrades were attributed to a deterioration in the relationship between credit enhancement and loss expectations. As of the March 25 distribution, cumulative losses had exceeded the loss trigger maximum at 8.44%, "causing the trigger to fail for the remainder of the pool's life," Fitch reported. The collateral consists primarily of performing and re-performing, seasoned, mainly first-lien residential mortgage loans that were purchased by an affiliate of GS Mortgage Securities Corp. and then sold to GS Mortgage Securities. The rating agency can be found online at http://www.fitchratings.com.
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