Three classes of Structured Asset Securities Corp. Trust series 2006-ARS1 have been downgraded by Moody's Investors Service and maintained on review for possible further downgrade.The downgrades were as follows: class M-9, from Baa3 to B3; class B-1, from Ba1 to Caa1; and class B-2, from Ba2 to Caa3. In addition, classes M-4, M-5, M-6, M-7, and M-8 have been placed on review for possible downgrade. "These actions are based on the analysis of the credit enhancement provided by subordination, overcollateralization, and excess spread relative to the expected loss," Moody's said. The transaction is backed by closed-end second-lien loans.

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