Three classes of Saxon Asset Securities Trust issues have been downgraded by Fitch Ratings.The downgrades were as follows: class BF-1, series 2000-1 group 1, from BBB to BB; class BF-1, series 2000-4 group 1, from BBB to BB and removed from Rating Watch Negative; and class BF-1, series 2001-1 group 1, from B to CCC. In addition, Fitch affirmed the ratings on 21 classes from several deals. The downgrades were attributed to loss levels and high delinquencies in relation to the applicable credit support. Fitch can be found online at http://www.fitchratings.com.

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