Eleven tranches from two transactions issued by GSC Capital in 2006 have been downgraded by Moody's Investors Service. Six downgraded tranches remain on review for possible further downgrade, and four other tranches were placed on review for possible downgrade. The negative rating actions were generally based on higher-than-expected rates of delinquency, foreclosure, and real estate owned in the underlying collateral relative to credit enhancement levels, Moody's said. The collateral consists primarily of first-lien, adjustable-rate, alternative-A mortgage loans.
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