New Century Subprime Classes Downgraded

Nine classes of New Century Home Equity Loan Trust series 2006-S1 have been downgraded by Moody's Investors Service, six of which have been maintained on review for possible further downgrade.Moody's also confirmed the rating on one certificate from the deal. The negative rating actions were attributed to the fact that credit enhancement levels may be too low to maintain current rating levels in view of projected losses. The transaction is backed by subprime second-lien loans.