Two subordinated certificates from Merrill Lynch Mortgage Investors Trust series 2004-SL1 and 2004-SL2 have been placed on review for possible downgrade by Moody's Investors Service.The affected securities are class B-3 of series 2004-SL1 and class B-4 of series 2004-SL2. In addition, Moody's placed four classes on review for possible upgrade. The rating agency said the transactions are backed by subprime second-lien mortgages whose recent losses have exceeded the available excess spread, thereby depleting the overcollateralization.

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