Class B-3 of Salomon Brothers Mortgage Securities VII Inc.'s series 1998-AQ1 mortgage pass-through certificates has been downgraded from BB to B by Standard & Poor's.The rating agency also raised its ratings on 12 classes from five Salomon Brothers deals and affirmed its ratings on 158 classes from 48 deals. S&P said the downgrade resulted from the erosion of the class's credit support. "This transaction has been realizing net losses, averaging approximately $334,000 per month during the most recent 12 months, while total delinquencies averaged approximately 14.20% per month during the same period," S&P said.
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