Two tranches of Structured Asset Securities Corp. 2003-BC3 have been downgraded by Moody's Investors Service.Class M5 was downgraded from Baa3 to B3, and class M4 was downgraded from Baa2 to Ba3. The downgrades were based on "the analysis of the current credit enhancement levels provided by excess spread, overcollateralization, and subordinate classes relative to the expected loss," Moody's said. The transaction is backed by subprime fixed- and adjustable-rate mortgage loans.

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