Class B-2 of Specialty Underwriting & Residential Finance asset-backed certificates, series 2003-BC1, has been downgraded from BBB to BB by Fitch Ratings.In addition, Fitch affirmed the rating on class B-3 of series 2005-AB1 and removed it from Rating Watch Negative. The rating agency also affirmed the ratings on 13 other classes from the two SURF transactions. The downgrade was attributed to a deteriorating relationship between credit enhancement and loss expectations. SURF acts as program administrator for the seller, Merrill Lynch Mortgage Lending Inc., and its loan acquisition program facilitates the purchase by the Merrill Lynch company of eligible nonconforming loans from various SURF-approved originators, Fitch said.
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