SACO MBS Class Downgraded

Published February 20, 2007, 3:00 p.m. EST

1 Min Read

One class of SACO I Trust second-lien mortgage-backed securities has been downgraded by Fitch Ratings and one class has been placed on Rating Watch Negative.Class B-4 of series 2005-7 was downgraded from BB to B and class B-4 of series 2005-8 was placed on Rating Watch Negative. The downgrade and watchlist placement reflect a decline in overcollateralization stemming from losses and reduced excess spread, which resulted from rising interest rates and prepayments that have been much faster than expected, Fitch said. The rating agency can be found online at http://www.fitchratings.com.

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