SASCO RMBS Classes Downgraded

Six classes from two Structured Asset Securities Corp. residential mortgage-backed certificate transactions have been downgraded by Fitch Ratings.The downgrades were as follows: series 2002-HF2, class M3, from BBB to BBB-minus, and classes B1 and B2, from BBB-minus to BB; and series 2003-BC2, class M4, from BBB-plus to BBB, class B1, from BBB-minus to BB, and class B2, from BB-plus to B. In addition, Fitch has affirmed the ratings on 12 classes in the two deals. The downgrades were attributed to concerns about the adequacy of credit enhancement in light of declining collateral performance. Fitch said remittance information for SASCO 2002-HF2 indicates that as of July 25, excess spread had not been sufficient to cover losses for the previous three months. The mortgage pool consists primarily of first-lien subprime loans. For SASCO 2003-BC2, comparable remittance information indicates that excess spread had not been sufficient to cover losses for the previous five months, the rating agency said. The mortgage pool consists primarily of subprime first- and second-lien loans. Fitch can be found online at http://www.fitchratings.com.