SAMI MBS Classes Downgraded

Four classes of Structured Asset Mortgage Investments mortgage pass-through certificates have been downgraded by Fitch Ratings, and one has been placed on Rating Watch Negative.The downgrades were as follows: series 1999-2 group 3, class 3-B4, from BB to B, and class 3-B5, from B to C; series 1999-4, class B3, from B to C; and series 2000-1 group 3, class III-B5, from BB to B. Class III-B4 of series 2000-1 group 3 was placed on Rating Watch Negative. In addition, Fitch upgraded five SAMI classes and affirmed the ratings on 20 others. The downgrades and Rating Watch placement were attributed to losses and loss expectations on "severely delinquent" loans in the pipeline, the rating agency said. Fitch can be found online at http://www.fitchratings.com.