Ten subordinate certificates from five transactions issued by Saxon Asset Securities Trust in 2000 and 2001 have been downgraded by Moody's Investors Service.The downgrades were as follows: class MF-2, from A2 to Baa1; class BF-1, from Ba3 to B3; class MF-2, from Baa2 to Ba2; class BF-1, from B1 to Ca; class MF-2, from Baa2 to Ba2; class BF-1, from B2 to Ca; class M-2, from A2 to Baa1; class B-1, from Baa2 to Ba2; class M-2, from A2 to Baa1; and class B, from Baa2 to Ba1. In addition, Moody's upgraded three subordinate certificates from three transactions and confirmed the rating of one. The certificates are secured by fixed- and adjustable-rate home equity loans. The rating agency said the reason for the downgrades is that the underlying collateral was performing worse than Moody's original expectations. Moody's can be found online at http://www.moodys.com.

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