Five classes of subprime certificates issued by Structured Asset Investment Loan Trust in 2003 have been downgraded by Moody's Investors Service. The downgrades were as follows: series 2003-BC4, class M1, from Aaa to A1, class M2, from Aa2 to Baa1, and class M3, from Aa3 to Baa3; series 2003-BC5, class M1, from Aa1 to A1; and series 2003-BC9, class M1, from Aa2 to A1. "The stepping down has left the deals with thin credit enhancement levels and made them more vulnerable to pool deterioration in the tail end of the deals' lives," Moody's said. The rating agency said all three deals had pool factors below 10% as of February. The transactions are backed by first- and second-lien subprime mortgage loans.
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