Moody's Eyes New Century MBS Classes

Five certificates from New Century Home Equity Loan Trust series 2006-S1 have been placed on review for possible downgrade by Moody's Investors Service.The affected certificates are classes M4, M5, M6, M7, and M8. The negative rating actions were based on credit enhancement levels (including excess spread) that may be too low to sustain the current ratings when compared with rising projected losses. The transaction is backed by second-lien loans.