Fourteen tranches from five securitizations issued by Long Beach Mortgage Loan Trust in 2003 and 2004 have been downgraded by Moody's Investors Service.The five deals affected by the downgrades were as follows: series 2003-2, 2003-3, 2003-4, 2004-1, and 2004-2. The actions are based on the analysis of the current credit enhancement levels provided by excess spread, overcollateralization, and subordinate classes relative to expected losses. The collateral consists primarily of first-lien, subprime fixed- and adjustable-rate mortgage loans.

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