Nine classes of UBS MASTR Alternative Loan Trust mortgage pass-through certificates have been downgraded by Fitch Ratings. Fitch also affirmed the ratings on 39 classes from 11 securitizations issued in 2002, 2003, and 2004. The downgrades were attributed to deterioration in the relationship between credit enhancement and expected losses. The rating agency said the collateral consists of fixed-rate, first-lien mortgage loans on residential properties and condominiums, a majority of which were originated under a reduced-documentation program.
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