Saxon MBS Classes Downgraded

Ten classes of Saxon Asset Securities Trust issues have been downgraded by Fitch Ratings.The downgrades were as follows: series 2000-1 group 1, class BF-1, from BB to C; series 2000-2 group 1, class BF-1, from BB to CCC, and class BF-2, from CCC to C; series 2000-3 group 1, class MF-2, from A to BBB, and class BF-1, from CCC to C; series 2000-4 group 1, class MF-2, from A to BBB, and class BF-1, from BB to C; series 20001-1 group 1, class MF-2, from A to BBB, and class BF-1, from CCC to C; and series 2001-1 group 2, class BV-1, from BBB to BBB-minus. In addition, Fitch upgraded 16 classes from seven Saxon transactions and affirmed the ratings on 47 classes from nine deals. The downgrades were attributed to worse-than-expected performance of the underlying collateral and diminishing credit enhancement. Fitch can be found online at http://www.fitchratings.com.