Two classes of Saxon Asset Securities Trust residential mortgage-backed securities have been downgraded by Fitch Ratings, and three classes have been placed on Rating Watch Negative.The downgrades were as follows: series 1998-3 group 1, class BF-3, from B to CCC; and series 1998-3 group 2, class BV-3, from B to CCC. Class BF-2 of the first deal and class BV-1 of the second deal were placed on Rating Watch Negative, as well as class BF-1 of series 2001-1 group 1, the rating agency said. In addition, the ratings on 30 other classes of Saxon deals were affirmed. Fitch attributed the negative rating actions to loss levels and high delinquencies relative to applicable credit support.
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