One class of MASTR Second Lien Trust 2005-1 mortgage pass-through certificates has been downgraded by Fitch Ratings, and two classes have been placed on Rating Watch Negative.Class M-10 was downgraded from BB-minus to B, and classes M-8 and M-9 were placed on watch. The downgrade and Rating Watch placements were attributed to the failure of overcollateralization to reach the target amount, Fitch said. "The slow OC growth is a result of deterioration in the dollar amount of excess spread due to much faster-than-expected prepayments and rising interest rates," the rating agency said.
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