Moody's Investors Service has downgraded Long Beach Asset Holdings Corp. CI 2006-WL2NIM notes, series 2006-WL2, class N-2, to A3 from Aa3. "These securities have been downgraded based upon performance of the underlying transactions that has negatively impacted future residual payments to the NIM holders as well as the downgrade of the insurance provider," Moody's said. The deal's performance "relies on excess spread and prepayment penalties generated by the underlying residential mortgage-backed securities and an insurance policy provided by Radian," according to the ratings agency.
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