SASCO ARC Classes Downgraded

Two classes of Structured Asset Security Corp. Amortizing Residential Collateral Trust series 2002-BC9 have been downgraded by Fitch Ratings.Class M4 was downgraded from BBB to BB-plus, and class B was downgraded from BBB-minus to BB. Fitch also affirmed the ratings on six classes in two SASCO ARC transactions. The downgrades were attributed to a deterioration in the relationship between credit enhancement and expected losses due to higher-than-expected delinquencies and losses and to overcollateralization that is below the target amount. Approximately 34% of the pool is more than 60 days delinquent, and in seven of the past 12 months the excess spread has not been sufficient to cover the monthly losses, the rating agency reported. The pool consists of fixed- and adjustable-rate mortgage loans secured by first and second liens.