Three classes of mortgage-backed securities from various transactions aggregated by Lehman Brothers Inc. have been downgraded by Moody's Investors Service.The downgrades were as follows: Structured Asset Securities Corp. series 2001-BC1, class M1, from Aa2 to A3, class M2, from A2 to Baa3, and class M3, from Baa2 to Baa3. In addition, Moody's upgraded 45 classes, confirmed the ratings on two classes, placed six classes on watch for possible upgrade, and withdrew the ratings on eight classes following their redemption. The downgrades were prompted by credit enhancement levels that are low in view of projected losses on the underlying pools, Moody's said.
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