Nearly 280 tranches from 27 alternative-A transactions issued by Lehman XS Trust Series have been downgraded by Moody's Investors Service. Of the 279 downgraded tranches, 162 remain on review for possible further downgrade. An additional 97 tranches were also placed on review for possible downgrade. The downgrades, in general, were 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 alt-A mortgage loans. Moody's can be found online at http://www.moodys.com.
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