SAIL MBS Classes Downgraded

Seven classes of Structured Asset Investment Loan Trust residential mortgage-backed certificates have been downgraded by Fitch Ratings.The downgrades were as follows: series 2003-BC8, class M4, from BBB-plus to BBB, class M5, from BBB to BB, and class B, from BBB-minus to BB-minus; and series 2003-BC12, class M4, from BBB-plus to BBB, class M5, from BBB to BB-plus, class M6, from BBB-minus to BB-plus, and class B, from BB to B. In addition, Fitch affirmed the ratings on 13 classes from the two SAIL transactions. The rating agency attributed the downgrades to a deterioration in the relationship between credit enhancement and expected losses due to higher-than-expected delinquencies and losses and to a shortfall in overcollateralization. The pool consists of fixed- and adjustable-rate, fully amortizing and balloon, first- and second-lien residential mortgage loans.