Ten classes from five Structured Asset Investment Loan mortgage pass-through certificate deals have been downgraded by Fitch Ratings, and four classes have been placed on Rating Watch Negative.The downgrades were as follows: series 2005-9, class B1, from BBB-minus to BB-minus, and class B2, from BB to B-plus; series 2005-11, class B1, from BB-plus to B-plus, and class B2, from BB to B-plus; series 2005-HE1, class M9, from BBB to BB-plus, and class B1, from BBB-minus to BB-minus; series 2005-HE2, class B1, from BB-plus to BB, and class B2, from BB to BB-minus; and series 2005-HE3, class M10, from BBB to BB-plus, and class M11, from BB-plus to BB-minus. The securities placed on Rating Watch Negative were as follows: series 2005-9, class M9; series 2005-10, classes B1 and B2; and series 2005-11, class M8. In addition, Fitch affirmed the ratings on more than 100 classes from 13 SAIL transactions. The rating agency attributed the downgrades to a deterioration in the relationship between credit enhancement and expected losses and delinquencies. The collateral in the deals consists primarily of conventional fixed- and adjustable-rate, fully amortizing and balloon, first- and second-lien residential mortgage loans. Fitch can be found online at http://www.fitchratings.com.

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