Three classes of MASTR Second Lien Trust 2005-1 mortgage pass-through certificates have been downgraded by Fitch Ratings.The downgrades were as follows: class M-8, from BB to B-plus; class M-9, from BB to B; and class M-10, from B to C. Class M-10 was also assigned a Distressed Recovery rating of DR5. In addition, the ratings on eight other classes in the transaction were affirmed. The downgrades were attributed to the failure of overcollateralization to reach the target level, and to the fact that monthly losses have exceeded excess spread in four of the last five months, Fitch said. The rating agency can be found online at http://www.fitchratings.com.
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