Salomon MBS Classes Downgraded

February 07, 2007, 3:00 p.m. EST 1 Min Read

Three classes of Salomon Brothers Mortgage Securities VII Inc. mortgage pass-through certificates have been downgraded by Fitch Ratings.The downgrades were as follows: series 1997-HUD1, class B-4, from CCC/DR2 to C/DR2; series 1997-HUD2, class B-3, from BB to B-plus; and series 2001-UP2 group 1, class BF-4, from CCC/DR3 to CC/DR3. In addition, the ratings on 22 classes in five Salomon deals were affirmed and the Distressed Recovery rating on class B-4 of series 1997-HUD2 was lowered from DR3 to DR6. The downgrades were attributed to a deterioration of credit enhancement relative to monthly losses.

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