SASCO MBS Classes Downgraded

Fourteen classes from two issues of Structured Asset Securities Corp. residential mortgage-backed certificates have been downgraded by Fitch Ratings, and nine of the downgraded classes have been placed on Rating Watch Negative.The affected classes are part of SASCO series 2006-ARS1 and 2006-S1. In addition, Fitch placed two other classes on Rating Watch Negative, assigned Distressed Recovery ratings to five of the downgraded classes, and affirmed the ratings on eight other classes from the two SASCO deals. The negative rating actions were attributed to a deterioration in the relationship between credit enhancement and expected losses. The mortgage pools consist of fixed-rate second-lien residential mortgage loans.