Merrill MBS Classes Downgraded

Four classes of Merrill Lynch Mortgage Investors Inc. mortgage pass-through certificates have been downgraded by Fitch Ratings, and four other classes have been placed on Rating Watch Negative.The downgrades were as follows: series 2005-SL1, class B4, from BBB-plus to BBB, and class B5, from BB-plus to B-plus; series 2005-SL2, class B5, from BB-plus to B-plus; and series 2005-SL3, class B5, from BB to B-plus. The securities placed on the Rating Watch Negative were as follows: class B4 of series 2005-SL3, and classes B3, B4, and B5 of series 2005-NCA. The rating agency also affirmed the ratings on 29 classes in five Merrill Lynch deals. The negative rating actions were attributed to a deterioration in the relationship of credit enhancement to expected losses.