Three tranches from two closed-end, second-lien residential mortgage securitizations issued by Structured Asset Securities Corp. in 2004 have been downgraded by Moody's Investors Services.The downgrades were as follows: SASCO Trust 2004-S2, class M7, from Baa3 to B3 (and placed on review for possible further downgrade); and SASCO Trust 2004-S4, class B1, from Ba1 to Caa3, and class B2, from Ba2 to Ca. In addition, Moody's placed classes M5 and M6 of series 2004-S2, classes M6 and M7 of series 2004-S3, and class M7 of series 2004-S4 under review for possible downgrade. "The downgrades are driven by back-ended losses that have eroded credit support to a point where the subordinate tranches no longer have sufficient enhancement levels to maintain their current ratings in light of the anticipated losses," Moody's said.

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