Salomon ABS Classes Downgraded

Published May 18, 2005, 2:00 p.m. EDT

1 Min Read

Three classes of Salomon Brothers Mortgage Securities VII Inc. asset-backed pass-through certificates have been downgraded by Fitch Ratings.The downgrades -- to classes from Salomon Home Equity Loan Trust transactions -- were as follows: series 2001-1 group 1, class MF-2, from BB-minus to B-minus; series 2001-1 group 2, class MV-4, from BBB to BBB-minus; and series 2002-CB3, class B-3, from BB to B. In addition, the ratings on 11 classes in the deal were affirmed. Fitch attributed the downgrades to concerns about the adequacy of credit enhancement for the remaining bonds.

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