Moody's Investors Service, New York, has issued downgrades on 120 securities originated in the second half of 2005 and backed by subprime, first-lien mortgage loans.The actions follow a review of the securities rated in the second half of 2005 and affect securities with an original face value of over $1.5 billion, representing 0.7% of the dollar volume and 4.1% of the securities rated by Moody's in the second-half of 2005 that were backed by subprime, first-lien loans. The actions reflect the higher than anticipated delinquency rates of first-lien subprime mortgage loans securitized in the second half of 2005.

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