The class A notes of SASCO Net Interest Margin Trust 2003-12XS have been downgraded from Baa1 to Ba2 by Moody's Investors Service.Moody's said the performance of the underlying deals has negatively affected future residual payments to the NIM holders. Greater-than-expected delinquencies have caused the excess cash flow paid to the NIM by the underlying deal, Structured Asset Securities Corp. 2003-12XS, to fall consistently below what was originally expected, and it could continue to diminish, the rating agency said. Moody's can be found online at http://www.moodys.com.

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