Class M-3 of Structured Asset Securities Corp. residential mortgage-backed certificates, series 2002-BC1, has been downgraded from BBB to BB by Fitch Ratings.In addition, Fitch upgraded four classes from two other SASCO issues and affirmed the ratings on 43 classes from 11 issues. The downgrade was attributed to a deterioration in the relationship between credit enhancement and expected losses. "The transaction has experienced monthly losses that have exceeded excess spread in six out of the last 12 months," Fitch reported.

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