Two classes of MESA 2002-1 Global Issuance Co. have been downgraded by Moody's Investors Service.Class B-1 of the deal was downgraded from Baa2 to Ba1, and class B-2 was downgraded from Ba2 to B3. In addition, Moody's confirmed the rating on one certificate in the deal. The downgrades were based on "the weak performance of the underlying security as well as the reduced level of credit enhancement provided by the overcollateralization and the subordinated classes relative to the current projected losses," the rating agency said. The transaction is a resecuritization backed by another residential mortgage-backed security.
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