Standard & Poor's Ratings Services estimates that the expected loss level for deals issued in 2006 is between 5.25% and 7.75%.S&P said that while most "BBB" and "BBB-" rated classes are protected from losses, securities in those rating categories are likely to see higher default rates than other similarly rated securities in recent history. S&P arrived at its estimate by comparing deals issued in 2006 with those issued in 2000, noting that the 2006 deals have performed similarly to the 2000 deals during their first year.

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