Class M-3 of Salomon Brothers Mortgage Securities VII Inc. New Century asset-backed certificates, series 1998-NC3, has been downgraded from BBB to BB-plus by Fitch Ratings.In addition, nine classes in seven transactions were upgraded and the ratings on 39 classes in 15 deals were affirmed. Fitch attributed the downgrade to higher-than-expected losses and delinquencies.

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