Salomon MBS Classes Downgraded

Published September 07, 2007, 2:00 p.m. EDT

1 Min Read

Two classes of Salomon Brothers Mortgage Securities VII Inc. mortgage pass-through certificates, series 2002-WMC2, have been downgraded by Fitch Ratings.Class M-2 was downgraded from BBB-minus to B, and class M-3 was downgraded from BB to B. Fitch also affirmed the rating on one class in the deal. The downgrades reflect deterioration in the relationship between credit enhancement and expected losses, Fitch said. The collateral of the transaction consists of fixed- and adjustable-rate first- and second-lien mortgage loans extended to subprime borrowers.

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