Six classes of mortgage-backed securities from RAMP series 2003-RS9 have been downgraded by Moody's Investors Service.The downgrades were as follows: class M-I-3, from Baa1 to Baa3; class M-II-1, from Aa2 to A2; class M-II-2, from A2 to Baa3; class M-II-3, from A3 to B1; class M-II-4, from Baa1 to Caa1; and class M-II-5, from Baa2 to C. "The actions are based on the analysis of the credit enhancement provided by subordination, overcollateralization, and excess spread relative to the expected loss," Moody's said. The underlying assets consist of fixed-rate mortgage loans in group I and adjustable-rate mortgage loans in group II.
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