Fifty-seven certificates from 11 transactions issued by Structured Asset Securities Corp. and backed by second-lien loans have been downgraded by Moody's Investors Service. Moody's also placed 19 classes of certificates on review for possible downgrade. The downgrades were attributed to the fact that credit enhancement levels, including excess spread and subordination, were too low in view of projected losses, Moody's said. "The actions take into account the continued and worsening performance of transactions backed by closed-end-second collateral," the rating agency said, adding that "substantial pool losses" in recent months have eroded the credit enhancement available to the mezzanine and senior certificates.
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