Class BF-1 of Saxon Asset Securities Trust, series 1999-5, has been downgraded from B-minus to CCC by Fitch Ratings.Fitch also affirmed the ratings on two other classes in the deal. The downgrade reflects a deterioration in the relationship between credit enhancement and loss expectations, the rating agency said. "The high level of losses incurred has resulted in the continuous decline of overcollateralization, which is currently at $718,404, or 2.08% of the current collateral balance," Fitch reported. The transaction has incurred cumulative losses of 5.76%, and approximately 18.96% of the remaining pool balance is more than 60 days delinquent (including bankruptcies, foreclosures, and real estate owned). The collateral consists of fixed-rate subprime mortgage loans secured by first liens, primarily on one- to four-family residential properties.

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